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Financial News: Austria Manufacturing PMI At 4-Year Low

Austria Manufacturing PMI At 4-Year Low

03/27/2019 - 09:46:00 (RTTNews)

(RTTNews) - Austria's manufacturing stagnated in March, falling to its weakest level in four years, driven by a sharp contraction in new orders and slow growth in output, survey data from IHS Markit showed on Wednesday.

The headline UniCredit Bank Austria Manufacturing purchasing managers' index, or PMI, fell to 50.0 in March from 51.8 in February.

Any reading above 50 indicates expansion in sector.

The index thus failed to post an above-50 reading for the first time in four years. The latest fall in the index reflected all its sub-components except stocks of purchase.

Output rose at the weakest pace in over three-and-half-years in March, mainly led by consumer goods expansion.

Decline in new orders was the quickest since November 2014 and new export orders fell the most in six-and-a-half-years in March.

Backlogs of work fell for the second month in a row in March, which resulted in slowing down the rate of job creation by manufacturers. The latest increase in employment was the weakest since May 2016.

Pressure on supply chains eased with fall in demand for inputs in March.

On the price front, input price inflation was the weakest in two-and-half-years. Meanwhile, factory gate prices increased at the weakest pace in 26 months, the same as in February.

Confidence among Austrian manufacturers towards the year-ahead outlook for output remained subdued, IHS Markit said.

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