A Sudden Rise in Industrial Orders in Germany in July to The Highest Level Since The Start of Data Collection

Official data showed a surprising growth in industrial orders in Germany in July, to the highest level since the start of data collection in 1991, indicating a strong start to the second half of the year in Europe’s largest economy.

The data published by the Federal Statistics Office revealed that the demand for goods made in Germany rose 3.4% monthly after adjusting for seasonal factors.

A Reuters poll of analysts had forecast a 1% monthly decline.

Data had revealed that unemployment fell more than expected in August by 53 thousand after adjusting according to seasonal factors to 2.538 million. A Reuters poll forecast a drop of 40,000.