German industrial orders rebound

FRANKFURT AM MAIN (AFP) – New orders for German manufacturing firms rebounded in May as coronavirus lockdowns eased, official data showed yesterday, but the smaller than expected increase highlights the long road ahead for pandemic-hit economies.

The closely-watched indicator of future industrial activity climbed 10.4 per cent month-on-month, federal statistics agency Destatis said, after a historic 26.2 per cent slump in April. Economists surveyed by Factset had predicted a 17 per cent jump in May orders.

The Economy Ministry said the latest data suggested “that the industrial recession has bottomed out” in Germany.

ING bank analyst Carsten Brzeski said German industrial orders had staged a “comeback” in May.

“But the return to pre-crisis levels will not be easy.”