09:10 AM EST, 11/05/2025 (MT Newswires) -- In September, German industrial companies received 1.1% more new orders than in August, adjusted for price changes, more than offsetting the decline in the previous month, said Commerzbank.

However, the picture looks worse when big-ticket orders, which fluctuate significantly and have little impact on production in the short term, are excluded, wrote the bank in a note to clients. The increase in this core figure was slightly higher than the overall figure in September at 1.9%.

However, the core figure had also fallen by more than 3% in August, meaning that only just over half of the slump was compensated in September.

Overall, however, it remains clear that order intake continues to move sideways, with some sharp fluctuations.

A look at the origins of orders suggests that United States tariffs are increasingly dampening demand for German industrial products, stated Commerzbank. This is because orders from outside the eurozone have fallen in recent months.

There is no more granular geographical breakdown, but it can be assumed that a decline in orders from the U.S. is largely responsible for this, added the bank. Domestic demand, on the other hand, has at least stabilized, while demand from other eurozone countries is slightly higher than a year ago.

Overall, however, Commerzbank noted that there has been no sign of a revival in demand for German industrial goods to date. The bank continues to assume that this will change in the coming year in view of the delayed effect of the European Central Bank's interest rate cuts and expansionary fiscal policy.

However, the recovery of the German economy that is then likely to set in is likely to prove to be a flash in the pan as long as the structural problems of the German economy aren't addressed by comprehensive reforms.