Arbeiter in einem Werk stehen für Auftragseingang im Verarbeitenden Gewerbe.

© Monty Rakusen/cultura/Corbis

According to the Federal Statistical Office , new manufacturing orders fell by 6.9% in October compared with the preceding month following a 1.8% increase in September. There was a disproportionate decline in orders of capital goods (-10.7%). The fall was primarily due to the weak development in new foreign orders from outside the eurozone. Altogether, new orders were 1.0% below the corresponding pre-year level.

In mid-2021, new orders reached an all-time record, but the index has fallen by more than 16 points in the last few months. The second sharp drop in new orders within the last three months is having another dampening effect on the economic outlook.

In view of the current high volatility of the index and its components, however, one should not read too much into this development. Excluding large orders, order activity dropped by only 1.8%.


[1] Press release by the Federal Statistical Office of 6 December 2021.
[2] All figures are based on provisional data and have been adjusted for price, calendar day and seasonal factors (X13 JDemetra+ procedure).