Financial News: Austria Manufacturing Downturn Eases In November

Austria Manufacturing Downturn Eases In November

11/27/2024 - 06:29:00 (RTTNews)

(RTTNews) - Austria's manufacturing sector contraction softened in November, thanks to slower reductions in output and new orders, survey results from S&P Global showed on Wednesday.

The UniCredit Bank Austria Manufacturing Purchasing Managers' Index rose to a 6-month high of 44.5 in November from 42.0 in October. However, any score below 50.0 suggests contraction.

Both output and new orders continued to fall in November, though at the slowest pace in six months. Export demand was also unfavorable, though the fall in export sales eased to the weakest in three months.

In line with falling backlogs of work, firms reduced their workforce numbers at the second-fastest since the initial pandemic-related shutdowns in early 2020.

On the price front, both input and output prices decreased further in November amid weakness in demand, from end-consumers up through supply chains. Further, selling prices recorded the second-sharpest fall in the past 12 months.

Looking ahead, manufacturers expectations regarding future output improved but remained low by historical standards.

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