German manufacturing orders rise in May after four months

New orders to manufacturers in Germany rose for the first time in four months in May, breaking a downward spiral that began after Russia invaded Ukraine. Statistics office Destatis said orders rose 0.1% from April, but revised the decline in April orders upwards from an initial estimate of 2.7% to a 1.8% decline. The result is consistent with a slight increase in the IFO business confidence index for the month, but it predates Russia’s 60% reduction in gas supplies, making life even harder for the manufacturing sector.