German Factory Orders Unexpectedly Extend Rebound Pre-Lockdown

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German factory orders unexpectedly rose for a seventh straight month in November, staging a rebound that’s now under threat from tougher coronavirus restrictions.

Demand increased 2.3%, bolstered in particular by investment goods orders from the euro zone. Economists had predicted a decline of 0.5%. The Economy Ministry said the gain took the level of orders to more than 6% above pre-crisis levels.

Germany’s industry has held up comparatively well during the latest rounds of curbs to contain the pandemic. Services such as restaurants are suffering a much greater hit from the measures, which the government has extended until at least Jan. 31 as the infection rate remains high.

A slow start to vaccination campaigns across the region is adding to uncertainty over economic performance at the start of the year. Data on European business and consumer confidence and inflation published later on Thursday will give more clues on how the economy entered the latest lockdowns.

— With assistance by Harumi Ichikura, and Kristian Siedenburg

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