Financial News: Austrian Manufacturing Downturn Deepens In December

Austrian Manufacturing Downturn Deepens In December

12/27/2024 - 06:38:00 (RTTNews)

(RTTNews) - Austria's manufacturing sector logged sharp deterioration at the end of the year as the decline in both output and new orders reaccelerated, survey results from S&P Global showed on Friday.

The UniCredit Bank Austria Manufacturing Purchasing Managers' Index dropped to 43.3 in December from 44.5 in November. Any score below 50.0 suggests contraction.

New orders fell at a faster rate in December due to lack of appetite for investment, delayed decision-making, and customer insolvencies.

As a result, manufacturers scaled back production levels. Additionally, goods producers reduced stock levels due to a decline in consumer demand and lower production requirements.

New export orders also declined further, largely led by a fall in customer spending in key markets such as Germany.

There was another notable drop in factory employment in December, and the rate of job shedding was the sharpest in the current 20-month sequence.

On the price front, input costs decreased further in December, while selling prices continued to fall at a more solid pace.

Looking ahead, the firms' expectations for the year 2025 are showing bleak, with slightly more firms expecting a fall in output over the next 12 months than those anticipating a rise.

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