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Financial News: Austria Manufacturing Activity Continues To Shrink

Austria Manufacturing Activity Continues To Shrink

01/29/2024 - 05:58:00 (RTTNews)

(RTTNews) - Austria's manufacturing sector continued to contract in January on sustained declines in output, employment and purchasing activity, survey results from S&P Global showed on Monday.

The UniCredit Bank Austria Manufacturing Purchasing Managers' Index posted 43.0 in January, up from 42.0 in December.

Although the reading was the highest in ten months, the reading was below the 50.0 threshold that separates growth from contraction.

Supplier delivery times quickened throughout 2023 due to weak demand. However, the rerouting of freight from Asia around the Cape of Good Hope led to a slowdown in improvement in the supplier delivery times.

There was a slower fall in new orders in January. The overall decline in new orders remained historically sharp with respondents reporting numerous headwinds to demand.

Production levels were cut once again in January. The rate of contraction slowed only slightly since December.

Due to lower production, companies reduced their purchasing activity. Stocks of finished goods also declined more sharply.

The survey showed that the pace of job shedding cooled to the slowest since last August, but it was solid overall.

Purchasing costs declined further. Average factory gate charges also decreased, although only moderately and at the same rate as the month before.

There was an improvement in manufacturers' expectations for output in the coming year. Confidence hit the highest since January 2023.

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