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Financial News: Austria Manufacturing Growth At 78-Month High

Austria Manufacturing Growth At 78-Month High

08/30/2017 - 05:49:00 (RTTNews)

(RTTNews) - Austria's manufacturing activity expanded at the quickest pace in six-and-a-half years in August, driven by strong upturns in production, new export orders and employment, survey figures from IHS Markit showed Wednesday.

The UniCredit Bank Austria Purchasing Managers' Index, or PMI, climbed to 61.1 in August from 60.0 in July. Any reading above 50 indicates expansion in the sector.

Output rose sharply in August, as manufacturers in all three monitored sub-sectors reported growth.

The rate of expansion in new orders remained sharp despite softening marginally since July.

Higher production requirements forced firms to raise their staffing numbers in August. The rate of job creation reached a 78-month high.

On the price front, input prices increased at the fastest rate in four months in August. Output charge inflation remained marked overall and above the series' historical average.

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