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🇪🇺 Germany's factory orders beat is real. So is the construction collapse underneath it.
The day in view

🇪🇺 Germany's factory orders beat is real. So is the construction collapse underneath it.

Macro Soup Newsroom Macro Soup Newsroom 3 min read

German factory orders surged 5.0% m/m in March, beating the 1.0% consensus, but defense front-loading masked a 4.1% Q1 contraction. Germany's construction PMI collapsed from 48.0 to 42.1 in April, keeping the ECB's June cut firmly in play.

Line chart titled S&P Global Germany Construction PMI Total Activity showing the index from 2016 to 2026 with a recent decline to around 42, plus gray bars for construction output.
Germany's Construction PMI fell to 42.1 in April, the lowest since March 2025, as residential construction led the downturn with accelerating declines and commercial activity posted its steepest contraction in 17 months. Source

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