Financial News: Austria Manufacturing Downturn Deepens In October

Austria Manufacturing Downturn Deepens In October

10/29/2024 - 07:45:00 (RTTNews)

(RTTNews) - Austria's manufacturing sector deteriorated at the fastest pace in ten months in October amid further accelerations in the rates of decline in production and new orders, survey results from S&P Global showed on Tuesday.

The UniCredit Bank Austria Manufacturing Purchasing Managers' Index dropped to 42.0 in October from 42.8 in September. Any score below 50.0 suggests contraction.

Weak demand environment persistent in October, and new orders fell even faster than output. Foreign demand was also weak, especially weaker orders from Germany

The survey revealed that firms remained in retrenchment mode as they cut both employment and stocks in October.

On the price front, input prices declined at the steepest pace in seven months, linked to a lack of pricing power among suppliers and downward pressure on commodity prices. Meanwhile, the rate of decline in cost prices eased from September.

Looking ahead, firms remained less optimistic about year-ahead growth expectations amid concerns about headwinds to investments, geopolitical tensions, and cost disadvantages.

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