Financial News: Austria Manufacturing Downturn Continues In April

Austria Manufacturing Downturn Continues In April

04/26/2024 - 07:20:00 (RTTNews)

(RTTNews) - Austria's manufacturing activity deteriorated further in April, though the pace of decline softened amid slower falls in output and new orders, data produced by S&P Global showed on Friday.

The UniCredit Bank Austria Manufacturing Purchasing Managers' Index stood at 43.5 in April, up from 42.2 in March. However, any score below 50 indicates contraction in the sector.

The decline in output eased for the fourth straight month in April. Similarly, new orders fell at the weakest pace in July 2022.

Manufacturing employment continued to decline sharply amid subdued demand conditions. However, the rate of job shedding softened slightly.

On the contrary, purchasing activity accelerated at the fastest pace in three months, reflecting on-going efforts to reduce preproduction inventories, as firms remarked on not only lower production requirements but also improved material availability.

On the price front, input prices continued to fall in April, with the rate of drop easing to a one-year low. The decrease in output prices was solid amid strong competition for new work.

Manufacturers expressed optimism over the future of output, citing expectations of a turnaround in investment and generally favourable economic conditions.

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