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Reply #34: German Factory Orders Surge on Rebound in Export Demand: Economy [View All]

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-06-11 08:12 AM
Response to Reply #23
34. German Factory Orders Surge on Rebound in Export Demand: Economy

Dec. 6 (Bloomberg) -- German factory orders surged the most in 19 months in October after three straight declines, led by a rebound in demand from abroad.

Orders, adjusted for seasonal swings and inflation, jumped 5.2 percent from September, when they dropped 4.6 percent, the Economy Ministry in Berlin said in a statement today. Economists forecast a gain of 1 percent, according to the median of 34 estimates in a Bloomberg News survey. In the year, orders rose 5.4 percent when adjusted for work days.

Germany faces a possible recession as the sovereign debt crisis and a global slowdown sap demand for exports, while Standard & Poors warned yesterday that the nation faces the risk of a credit rating downgrade. Business confidence still rose for the first time in five months in November and unemployment declined more than forecast, suggesting domestic demand may help Europes largest economy weather the downturn.

Our outlook for the economy is clouded and we would stick to that, but its good to see that the fourth quarter may not be quite as weak as many had expected, said Christian Lips, an economist at NordLB in Hanover, Germany. Germany is at the edge of a recession, but maybe well just manage to get around it.
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