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German Factory Orders Surprise as More Workers Move Off Furlough

  • Orders rose 27.9% in June, exceeding estimate of 10.1% gain
  • Demand already above 90% of level recorded at the end of 2019
Updated on

Germany progressed in its recovery from its record slump, with manufacturing orders rising much stronger than forecast in June and the number of workers on government support programs diminishing.

Having shrunk the most in at least half a century in the second quarter as a result of restrictions imposed to control the Covid-19 outbreak, Germany’s economy is now showing signs of bouncing back more quickly than other euro-area countries.