Latest data released by Destatis - 6 October 2021

  • Prior +3.4%
  • Factory orders WDA +11.7% vs +33.7% y/y expected
  • Prior +24.4%

That's a significant drop in German industrial orders, missing on expectations quite markedly. But it also needs to be put into context, amid a surge in new orders in July to the highest since the survey began all the way back to 1991.

As such, this does reflect signs of moderation but one can figure that the ongoing supply and capacity constraints are probably not helping with the situation.