German Factory Orders (Aug MM) -10.6% vs. Exp. -1% (Prev. 2.5%)

Excluding large orders, new orders were 0.1% lower than in the previous month. In the less volatile three-month comparison, new orders from June 2026 to August 2026 were 1.3% higher than in the preceding three months; excluding large orders, they fell by 2.6%. The negative trend in manufacturing orders in August 2026 is almost entirely attributable to the sharp decline in the "Other Vehicle Construction" sector (aircraft, ships, trains, military vehicles). Seasonally and calendar-adjusted orders in this sector fell by 61.5% compared to July 2026, after more than doubling in July 2026 due to an exceptionally high volume of large orders in shipbuilding, rail vehicle construction, and aircraft manufacturing (revised +129.4% compared to June 2026).