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Financial News: Austria's Manufacturing Growth Slows In December

Austria's Manufacturing Growth Slows In December

12/27/2018 - 05:13:00 (RTTNews)

(RTTNews) - Austria's manufacturing growth slowed in December driven by a drop in export orders, survey data from IHS Markit showed on Thursday.

The headline UniCredit Bank Austria Manufacturing purchasing managers' index, or PMI, fell to 53.9 from 54.8 in November. Nonetheless, a reading above 50 suggests growth in the sector.

This was the lowest reading in over two years.

Survey showed that order books edged closer to stagnation, growing at the slowest rate since January 2016.

Export orders dropped for the third consecutive month as surveyed firms reported lower demand from the automotive sector and weaker sales to emerging markets.

Manufacturers raised buying levels and job creation remained relatively solid, albeit at a slower pace, IHS Markit said.

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