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Financial News: Austria Manufacturing Sector Recovers In July

Austria Manufacturing Sector Recovers In July

07/29/2020 - 08:20:00 (RTTNews)

(RTTNews) - Austria's manufacturing sector activity recovered in July amid a rise in both output and new orders, data from IHS Markit showed Wednesday.

The headline UniCredit Bank Austria manufacturing Purchasing Managers' Index rose to 52.8 in July from 46.5 in June. This was the highest reading since December 2018. Any score above 50 indicates expansion in the sector.

New orders rose for the first time since late-2018, while exports sales were lower for the sixth straight month in July.

Backlogs of work increased for the first time since February. The willingness to reduce the workforce numbers was less in July, with the rate of job shedding easing for the third straight month.

Output rose for the first time since February, reflecting growing hopes of recovery.

Purchasing activity increased for the first time in nearly one-and-a-half years in July. Input delivery times remained partially unchanged, following the delays caused by the pandemic and lockdown.

Input prices fell for the fourteenth straight month in July and factory gate charges dropped further.

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