June German industrial order were just published, and they were better than expected. According to Markit Economics, orders jumped 0.6 per cent.Economists were expecting the number to be flat from May.
This is welcome news following some disappointing purchasing managers index survey numbers.
Last week, we learned that the June manufacturing PMI number fell to a 3-year low of 45, with sharp contractions in export orders.
Yesterday, the services PMI number fell to 49.9 in June from 51.8 in May.
A reading below 50 signals contraction in the industry.