Financial News: Austria Manufacturing Downturn Continues In August

Austria Manufacturing Downturn Continues In August

08/28/2024 - 06:32:00 (RTTNews)

(RTTNews) - Austria's manufacturing sector deteriorated further in August as output fell at the steepest pace in seven months, survey results from S&P Global showed on Wednesday.

The UniCredit Bank Austria Manufacturing Purchasing Managers' Index rose to 44.4 in August from 43.1 in July. However, a score below 50.0 suggests contraction.

Production fell at the fastest pace since January amid lower intakes of new orders, which fell for the twenty-eighth successive month despite easing since July. New export orders also declined, especially weaker demand from Germany.

Both purchasing activity and employment reduced markedly in August. Nonetheless, the rate of job shedding eased slightly.

On the price front, input price inflation quickened due to higher transport costs. On the other hand, selling prices dropped modestly in August.

Looking ahead, firms remained less optimistic about year-ahead growth expectations amid challenging market conditions and competition from lower-cost economies.

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