Germany July industrial orders +2.9% vs -1.5% m/m expected

• Prior +3.9%; revised to +4.6%

The devil is in the details. The reading here has been volatile for many months already in 2024 and this is one of those times reflecting that again. If you actually exclude large orders (which tend to be a one-off), incoming orders were actually down by 0.4% in July compared to June.

Drilling into the report, new orders for vehicle construction (aircraft, ships, trains, military vehicles) were 86.5% higher on the month. And that contributed to the jump in industrial orders overall in July.