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Financial News: Austria Manufacturing Growth Robust In March

Austria Manufacturing Growth Robust In March

03/30/2017 - 04:44:00 (RTTNews)

(RTTNews) - Austria's manufacturing activity expanded strongly in March, albeit at the weakest pace in three months, survey figures from IHS Markit showed Thursday.

The seasonally adjusted Bank Austria Purchasing Managers' Index, or PMI, dropped to 56.8 in March from 57.2 in February. However, any reading above 50 indicates expansion in the sector.

Moreover, the first quarter saw the highest average growth rate since the start of 2011.

Both output and new orders continued to increase at a solid pace in March. But the rates of growth eased since February. Employment growth accelerated to the highest level since May 2011.

On the price front, input price inflation intensified in March on higher raw material prices. This forced manufacturers to raise their output prices for the fifth successive month.

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