By Maria Martinez
German manufacturing orders rose for the third consecutive month in July but their recovery lost steam, federal statistics office Destatis said Friday.
Manufacturing orders increased 2.8% in July in adjusted terms after a revised 28.8% expansion in June, according to Destatis. Economists polled by The Wall Street Journal had expected July orders to grow at a rate of 5% on the month.
On an annual basis, orders fell 7.3%, adjusted for calendar and price effects.
Despite the improvement, new orders in July were 8.2% lower in seasonally and calendar-adjusted terms compared with February, the month before restrictions were imposed due to the coronavirus pandemic in Germany.
Domestic orders decreased 10.2% while foreign orders grew 14.4% in July, Destatis said.
Due to the coronavirus crisis, factory orders and industrial output in April saw their largest declines since the beginning of the series in January 1991.
German industrial production data for July is due to be published on Monday.
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