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Financial News: Austria Manufacturing Activity Falls Into Deep Contraction

Austria Manufacturing Activity Falls Into Deep Contraction

10/27/2022 - 06:54:00 (RTTNews)

(RTTNews) - Austria's manufacturing activity declined into a deep downturn in October as producers' cutback production in response to the falling orders, survey data from S&P Global showed on Thursday.

The UniCredit Bank Austria manufacturing Purchasing Managers' Index dropped to 46.6 in October from 48.8 in the previous month. A score below 50.0 indicates contraction. October saw the steepest fall in production volumes since May 2020. Firms cited lower demand and higher cost as factors weighing on output. Inflows of new orders fell at one of the quickest rates in the series history stretching back to 1998.

Expectations for output over the coming year deteriorated in October, taking business sentiment to the lowest since April 2020.

Despite signs of easing capacity pressures, employment continued to rise as firms filled vacancies. The rate of growth was the fastest since June.

On the price front, the survey showed that input price inflation slowed since September to the second-lowest in the last 21 months. Factory output charges also ticked down but remained high.

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