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German industry orders post biggest increase in more than 2 years

Factories in Germany saw demand for their goods climb by 4.9% on the month
Factories in Germany saw demand for their goods climb by 4.9% on the month

German industrial orders rose in October at their fastest pace in more than two years, suggesting the industrial sector will prop up growth in Europe's largest economy in the coming months. 

Factories in Germany saw demand for their goods climb by 4.9% on the month, the Economy Ministry said. 

That was the biggest increase since July 2014 and beat the Reuters consensus forecast for a 0.6% rise by a long stretch. 

Domestic demand climbed by 6.3% while foreign orders increased by 3.9% despite orders from the euro zone stagnating.

A 7.2% surge in capital goods was the main bright spot while factories making consumer goods and intermediate goods also benefitted from stronger demand. 

The data for September was revised up to a fall of 0.3% from a previously reported drop of 0.6%.