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The German Factory Orders unexpectedly jumped in July, suggesting that the recovery in the manufacturing sector of Europe’s economic powerhouse is gaining momentum.
Contracts for goods ‘Made in Germany’ arrived at 3.4% on the month vs. -1% expected and 4.6% last, the latest data published by the Federal Statistics Office showed on Monday.
On an annualized basis, Germany’s Industrial Orders rose by 24.4% in the reported month vs. 26.5% previous and expected growth of 13.9%. The data outpaced expectations by a wide margin.