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Financial News: Austria's Factory Sector Contracts Most Since 2014

Austria's Factory Sector Contracts Most Since 2014

07/29/2019 - 05:54:00 (RTTNews)

(RTTNews) - Austria's manufacturing sector contracted the most since October 2014 as output and new orders declined in July, data from IHS Markit showed Monday. The UniCredit Bank Austria factory Purchasing Managers' Index fell to 47.0 in July from 47.5 in June. A score below 50 indicates contraction.

All components, namely, new orders, output, employment, suppliers' delivery times and stocks of purchases contributed to the contraction.

New orders declined in July driven by lower demand from both domestic and foreign markets. The downturn in orders led manufacturers to scale back production for the third straight month. Further, employment was down for the first time since 2016.

On the price front, data showed that the rate of decline of input prices gathered pace and was the quickest in almost three-and-a-half years.

Due to waning cost pressures combined with competition, manufacturers reduced their output prices for the first time since October 2016.

Manufacturers' confidence was back in negative territory in July and was the lowest since early-2015.

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