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Financial News: Austria Manufacturing Sector Contracts At Slower Pace

Austria Manufacturing Sector Contracts At Slower Pace

06/26/2020 - 08:09:00 (RTTNews)

(RTTNews) - Austria manufacturing sector contracted at the slowest pace in four months in June, data from IHS Markit showed Friday.

The headline UniCredit Bank Austria manufacturing Purchasing Managers' Index rose to 46.5 in June from 40.4 in May. However, any score below 50 indicates contraction in the sector.

New order inflow decreased in June and demand in the capital goods industry remained subdued. The overall decline in new orders eased to the weakest since February.

Output eased to the weakest in the current four-month sequence of contraction in June. Backlogs of work continued to decrease in June and employment fell for the fourth straight month.

Stock of finished goods rose at a softer pace in June, while pre-production inventories declined slightly.

Input cost declined the most since July 2012 and factory gate charges fell the most since May 2009.

Business expectations remained negative in June and firms' concerns were often related to the longer-term squeeze on customer spending.

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