German VDMA Machine Orders Rise Amid Euro-Area Deman
German plant and machinery orders rose in August as demand from the 17-nation euro area surged, the VDMA machine-makers’ association said.
Orders, adjusted for inflation, increased 6 percent from a year earlier, VDMA said today in an e-mailed statement. Domestic orders rose 2 percent and orders from abroad surged 9 percent, with those from the euro area jumping 31 percent.
The euro region, Germany’s biggest export market, emerged from its longest-ever recession in the second quarter and European Central Bank president Mario Draghi expects the currency bloc’s economy to further recover by the end of the year. Economic confidence rose more than forecast in September.
Today’s numbers “are largely affected by orders in the large-scale business,” VDMA chief economist Ralph Wiechers said in the statement. “The increase is encouraging but, in general, one shouldn’t overestimate the results from the August holiday month.”
Over the three-month period from June to August orders fell 1 percent from a year ago, VDMA said.
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