Financial News: Austria Manufacturing Downturn Deepens In February

Austria Manufacturing Downturn Deepens In February

02/24/2023 - 09:18:00 (RTTNews)

(RTTNews) - Austria's manufacturing contraction intensified in February, as output and new orders fell at solid rates despite easing inflationary pressures, according to S&P Global survey data released on Friday.

The UniCredit Bank Austria manufacturing Purchasing Managers' Index dropped to 47.1 in February from 48.4 in January. Any score below 50.0 indicates contraction.

Output fell at the fastest pace in three months in February due to weaker inflows of new orders, which fell at a slightly slower rate, though they remained marked overall.

A larger economic slowdown and customers' already-full warehouses were the primary causes of February's lower demand.

As a result of weaker input demand, supply chains were less stressed at the middle of the first quarter.

A decline in backlogs of work was recorded by Austrian goods producers for the ninth consecutive month in February. The pace of job creation was the weakest seen for just over two years.

On the price front, input price inflation moderated to the lowest since November 2020, linked to the relaxation of raw material prices. Output price inflation also softened to a two-year low.

Looking ahead, manufacturers remained pessimistic about output expectations in the next twelve months as they were concerned about a general economic slowdown, high inflation and lack of appetite for investment.

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