Economic Buzz: German factory orders up 5% in March

Seasonally and price-adjusted new factory orders in Germany jumped 5% in March compared to the prior month, the country's Federal Statistical Office Destatis revealed in a report released on Thursday. On an annual basis, the figure increased by 6.3%.

The upturn in manufacturing orders was attributed to a higher volume of new orders for electrical equipment, which rose by 21.5% from the previous month. The number of new orders also improved in mechanical engineering by 6.9% and in the manufacture of computers, electronic and optical products by 14.4% compared to February.

In the reported month, foreign orders improved by 5.6% on a monthly basis, while both the euro area and domestic orders rose by 10.1% and 4%, respectively. New orders for capital goods increased by 2.1%, as intermediate goods and consumer goods climbed by 9.2% and 7.3% compared with the previous month, respectively.

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