Financial News: Austria Manufacturing Downturn Eases In May

Austria Manufacturing Downturn Eases In May

05/28/2024 - 07:25:00 (RTTNews)

(RTTNews) - Austria's manufacturing activity deteriorated further in May, though the pace of decline softened amid the slowest fall in output for nearly two years, data produced by S&P Global showed on Tuesday.

The UniCredit Bank Austria Manufacturing Purchasing Managers' Index rose to 46.3 in May from 43.5 in the previous month. However, any score below 50 indicates contraction in the sector.

The moderation in the downturn was due to noticeable slowdowns in the rates of decline in both output and new orders.

Manufacturing output declined only marginally in May, which was the weakest contraction since July 2022. New orders also fell at the slowest rate in two years.

During May, the workforce was further reduced as a result of the lack of capacity pressure. Nonetheless, the rate of job shedding was weakest since August last year.

Supplier delivery times continued to shorten, in line with subdued demand for inputs, the survey said.

On the price front, cost pressures eased in May as purchasing costs fell at a modest rate that was the weakest seen since March last year. In turn, goods producers reduced their selling prices amid competition for new works.

Looking ahead, growth expectations for the next year improved slightly amid expectations that lower interest rates would support an upturn in investment and economic activity generally.

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