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Financial News: Austria Manufacturing Sector Slips Into Contraction Territ

Austria Manufacturing Sector Slips Into Contraction Territory

08/29/2022 - 05:37:00 (RTTNews)

(RTTNews) - Austria's manufacturing sector entered the contraction zone in August for the first time in over two years, survey results from S&P Global showed on Monday.

The UniCredit Bank manufacturing Purchasing Managers' Index dropped to 48.8 in August from 51.7 in July. The index reached the sub-50 contraction territory for the first time since June 2020. Production levels showed a notable downturn in August with the rate of decline re-accelerating to the quickest since May 2020. At the same time, the fall in new orders was much quicker than that of output.

Manufacturers reported a further increase in stocks of finished goods. Likewise, pre-production inventories continued to build up rapidly.

On the price front, the survey showed that the rate of input cost inflation ticked down for the fourth month in a row to its lowest since January 2021. At the same time, factory gate inflation moderated to a 16-month low.

Looking ahead, Austrian manufacturers were increasingly pessimistic about their prospects over the next 12 months. Expectations were the weakest since the first wave of COVID19.

Although factory employment was a bright spot in August, the rate of job creation slowed to a 19-month low.

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