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Financial News: Austria Manufacturing Sector Growth Accelerates In Septemb

Austria Manufacturing Sector Growth Accelerates In September

09/28/2021 - 05:52:00 (RTTNews)

(RTTNews) - Austria's manufacturing sector growth improved in September despite firms in the sector continuing to face stretched supply chains and surging costs, survey results from IHS Markit showed on Tuesday.

The UniCredit Bank Austria manufacturing Purchasing Managers' Index rose to 62.8 in September from a six-month low of 61.8 in August. A reading above 50.0 indicates expansion in the sector. The slight uptick arrested a two-month sequence of decline that had seen the index fall back from a record high in June.

Firms raised their production to meet the upturn in new orders. September saw a fifteenth straight monthly rise in backlogs of work at manufacturers.

The rate of job creation eased only slightly since August and was still among the fastest in the series started in 1998.

There was further depletion of post-production inventories. On the other hand, pre-production inventories increased sharply reflecting efforts to mitigate risk from supply disruptions.

The strain on supply chains was reflected in a further steep rise in average input prices in September. In turn, there was a further steep rise in average prices charged by manufacturers in September.

Meanwhile, growth expectations moderated to the lowest in 2021. Nonetheless, confidence remained strong by historical standards.

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