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Financial News: Austria Manufacturing Sector Contraction Slows In August

Austria Manufacturing Sector Contraction Slows In August

08/28/2019 - 07:13:00 (RTTNews)

(RTTNews) - Austria's manufacturing sector contracted for the fifth straight month in August, but at a slower pace, survey data from IHS Markit showed on Wednesday.

The UniCredit Bank Austria Manufacturing purchasing managers' index, or PMI, rose to 47.9 in August from 47.0 in July. Any reading below 50 indicates a contraction in the sector.

New orders declined for the eight month in a row in August amid a fall in export sales. The volume of output decreased for the fourth consecutive month.

Employment declined for the second straight month in August, to the lowest pace in three-and-a-half years. Backlogs of work fell to the weakest since April 2009.

Supplier delivery times were faster and average prices paid for inputs decreased for the third month in a row.

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