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Financial News: Austria Manufacturing Sector Shrinks Again In July

Austria Manufacturing Sector Shrinks Again In July

07/27/2022 - 06:22:00 (RTTNews)

(RTTNews) - Austria's manufacturing sector shrank again in July as both domestic and foreign demand weakened on higher costs, survey results published by S&P Global showed on Wednesday.

The UniCredit Bank Austria manufacturing Purchasing Managers' Index rose to 51.7 in July from a 22-month low of 51.2 in June. However, a score below 50.0 indicates contraction.

The survey showed that production declined for the second straight month due to higher energy prices, supply issues and weak demand.

There was a sharp reduction in manufacturing new orders largely due to higher prices. However, some panelist cited that sufficient inventories reduced the need to make additional purchases. New export orders also contracted sharply.

In line with falling output and new orders, firms cut their purchasing activity in July. The survey also highlighted strong growth in stocks across the Austrian manufacturing sector.

Employment growth slowed to a 17-month low in July.

On the price front, the survey showed that input costs rose at the softest pace in almost a year-and-a-half, while output price inflation eased to a 15-month low.

The year-ahead outlook remained in pessimistic territory amid fears of a protracted slowdown in economic activity.

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