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Financial News: Austria Manufacturing Growth Slows In November

Austria Manufacturing Growth Slows In November

11/26/2021 - 06:42:00 (RTTNews)

(RTTNews) - Austria's manufacturing sector growth weakened for the fourth time in five months in November,but remained robust, survey results from IHS Markit showed on Friday.

The UniCredit Bank Austria manufacturing Purchasing Managers' Index declined to 58.1 in November from 60.6 in October. A reading above 50.0 indicates expansion in the sector.

Output and new orders sub-components weakened in November.

The degree of optimism weakened for the third month in a row to the lowest since the penultimate month of 2020, while manufacturers remained hopeful for the next 12 months.

Lead time lengthened on raw materials and intermediate products in November.

On the price front, overall input prices increased in November with the rate of inflation fastest on record. Output costs decreased to the lowest in three months.

Growth in purchasing activity eased to the lowest in nine months in November and stocks of finished goods increased.

Job creation declined to the weakest since July and was the fastest recorded since the survey began in October 1998. Backlogs of work rose for the seventeenth month in a row.

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