German orders are making an attempt at stability. Orders are up for the second month in a row for the first time since June of 2011. The one-month gain in March is a solid 2.2% rise. Foreign orders are driving the monthly result with foreign orders rising for two months running by 1.7% in Feb and 3% in March. Domestic orders are up by 1.3% in March after dropping by 0.8% in Feb.

Over 12-months both foreign and domestic orders are lower. Over six month foreign orders are still falling at a 0.2% annual rate while domestic orders are off at a sharper 2.9% pace. Over three months, however, both domestic and foreign orders are higher at a 3.2% pace for foreign orders and a 9.1% pace for domestic orders.

There is some attempt by each of these series to reassert stability.

Foreign orders to destination inside the Euro-Area were unchanged in March after falling by 3.3% in February. Other foreign order rose by a very strong 4.8% on top of a 4.9% increase in February. Orders for capital goods fell by about 3% in Feb and again in March from Euro-Area sources. But for other foreign orders, capital goods orders after rising 3% in February spurted by 12.8% in March. German domestic capital goods orders have waffled rising by 1.87% in Feb then falling by 1.3% in March.

Durable consumer goods orders are off by 0.2% in March and 0.7% in February in Germany’s domestic market. For Euro-Area members those orders are up by 14.9% in March after falling by 8.8% in February. That does not seem reflected in reports of consumer spending we have seen from other Euro-Area members just yet. Non EMU Foreign durables consumer goods orders rose by 5.2% in March after a drop of 0.4% in Feb.

On balance the German internal market remains weak. The Euro-Area market is also weak. But other overseas sources of demand are providing some strength.

It will be interesting to see what happens in the Euro-Area output and consumption: how are patterns going to be affected in the Wake of the French and Greek elections.