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Financial News: Austria Manufacturing Sector Steady In December

Austria Manufacturing Sector Steady In December

12/27/2019 - 06:57:00 (RTTNews)

(RTTNews) - Austria's manufacturing sector remained unchanged in December, amid a steep fall in output, but improved expectations, survey data from IHS Markit showed on Friday.

The headline UniCredit Bank Austria Manufacturing purchasing managers' index, or PMI, remained stable at 46.0 in December. Any reading below 50 indicates contraction in the sector.

The PMI remained in the contraction territory for nine consecutive months, with its average for the year as a whole the lowest since 2009, IHS Markit said.

Output fell at a slightly accelerated rate in December, to the steepest declines in production over the past ten years. The drop was led by sustained contractions in intermediate and investment goods output.

New orders from abroad decreased slowly to the second-smallest drop in the whole of 2019.

Stocks of finished goods fell in December with the rate of depletion quickest since November 2017.

Lower demand for raw materials and other inputs reduced the supplier delivery times further in December, the tenth month in a row in which an improvement has been recorded.

Output expectations among manufacturers improved for a third month in a row to the highest since April.

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