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Surprise Rise in German Manufacturing Orders

Hopes for a German economic recovery got a boost on Tuesday as the Economy and Labor ministry reported that manufacturing orders rose 0.6 percent in August. Economists had predicted demand would remain stagnant or even drop slightly since July orders had stayed flat after a June increase. Foreign demand provided the motor for an upturn, as orders from abroad jumped a full 2.4 percent. Domestic demand is still sluggish, orders within Germany fell by a seasonally adjusted 1.0 percent in August. Analyst Guilhem Savry of CDC Ixis Capital Markets told the AFP news agency that the depreciation of the euro and stronger activity in the United States this summer had helped prop up foreign demand. The Association of German Chambers of Commerce weighed in on Monday saying that in its opinion, Germany's export sector is heading for a rebound.