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Financial News: Austria Manufacturing Downturn Deepens In June

Austria Manufacturing Downturn Deepens In June

06/26/2024 - 05:12:00 (RTTNews)

(RTTNews) - Austria's manufacturing activity deteriorated at a faster pace in June amid accelerated declines in output, new orders, and employment, data produced by S&P Global showed on Wednesday.

The UniCredit Bank Austria Manufacturing Purchasing Managers' Index dropped to 43.6 in June from 46.3 in the previous month. Any score below 50 indicates contraction in the sector.

The fall in output showed acceleration during June due to the influence of weak demand as new orders declined sharply. This was attributed to consumer hesitancy, especially in the construction sector.

New export orders also fell at a quicker pace in June, linked to weaker demand from Germany.

As a result, firms continued to reduce their workforce numbers, and the rate of job shedding was the fastest since May 2020. Manufacturers also cut their purchasing activity as goods producers continued to demonstrate a preference for holding lower stocks of purchases.

On the price front, input prices rose for the first time in sixteen months amid higher raw material costs. Meanwhile, output prices continued to fall in June due to competition pressures.

Looking ahead, Austrian goods producers were increasingly optimistic about growth prospects over the next twelve months. There were hopes of restocking amongst customers and a general pick-up in economic conditions, underpinned by lower interest rates.

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