Global Economic Analysis and News of Note: Manufacturing Expands In UK, Orders Down In Germany
- According to the China Association of Automobile Manufacturers, auto sales in China increased 20.3 percent between October 2015 and October 2016. Total vehicle sales were up 18.6 percent year-over-year. Analysts attributed the strong increase to a suspension of the national sales tax. That suspension expires at the end of this year.
- In a reading that was worse than expected, Germany’s Economic Ministry announced last week that manufacturing orders in the country fell 0.6 percent from August to September, but were up 2.6 percent between September 2015 and September 2016. Analysts had expected a rise of 0.2 percent for the month. Orders from within the Eurozone fell 4.5 percent from August to September while orders from outside the Eurozone were up 2.5 percent.
- Factory output in the United Kingdom expanded 0.6 percent from August to September. Analysts had expected a 0.4 percent increase. Total industrial production was down 0.4 percent, however, due to a 4.5 percent drop in oil and gas extraction.