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Germany's manufacturing orders rebound, producer prices rise in August

New manufacturing orders in Germany increased 2.0% in August on a monthly basis, after price, seasonal and calendar adjustments, provisional data from the country's Federal Statistical Office showed.

The Econoday consensus estimated a 0.2% uptick in new manufacturing orders in August. Adjusted new orders decreased by 0.9% in July month over month, confirming earlier estimates.

Domestic orders fell by 2.9% while foreign orders rose 5.8% in August compared with the previous month. New orders from the eurozone fell 2.2%, and those from other countries jumped 11.1%.

"As orders books are still filled the risk of any imminent slowdown is low, and up to now the German economy has successfully defied trade tensions," said Carsten Brzeski, chief economist at ING Germany. "What is more, the recent re-acceleration of industrial orders, combined with still-strong confidence indicators, suggest that fears of a slowdown are overdone."

Manufacturers of capital goods saw a 3.4% increase in orders, while orders for consumer goods rose 2.1% during August on a monthly basis. Orders for intermediate goods ticked down 0.1% from July.

Price- and calendar-adjusted new orders in manufacturing shrunk by 2.1% in August compared to the same month a year ago..

Germany's manufacturing turnover edged 0.1% higher during August from the previous month, after price, seasonal and calendar adjustments. In July, adjusted turnover fell 1.3% on June, as opposed to a previously estimated decline of 1.8%.

Separately, producer prices gained 3.1% in August on an annual basis, and 0.3% on a monthly basis in Germany, data showed. Annual producer prices rose by a downwardly revised 2.9% in July.

Energy prices added 7.3% in August on an annual basis, while prices for petroleum products soared 17.9%. Producer prices for durable consumer goods rose 1.8% and for capital goods by 1.4% in August compared with the year-ago period.