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Financial News: Austria's Manufacturing Downturn Eases In December

Austria's Manufacturing Downturn Eases In December

12/28/2022 - 05:22:00 (RTTNews)

(RTTNews) - Austria's manufacturing contraction softened at the end of the year amid a slower fall in output and a notable drop in price pressures, as supply constraints continued to ease, survey data from S&P Global showed on Wednesday.

The UniCredit Bank Austria manufacturing Purchasing Managers' Index rose to 47.3 in December from 46.6 in November. However, a score below 50.0 indicates contraction.

The downturn in December was largely attributed to a continued sharp fall in new orders due to numerous headwinds to demand, including high prices, full warehouses among customers, and a lack of appetite for investment.

The rate of decline in output was far weaker than that of new orders and only modest overall. There was a significant reduction in delays in the delivery of inputs, which helped support production levels to some extent.

On the price front, input price inflation slowed further to the lowest level since December 2020. Nonetheless, it was still above the historical series average because of higher energy costs. Likewise, output price inflation eased to a 22-month low.

Firms continued to add workforce numbers in December, and the rate of job creation was slightly faster than in November but below the average for the year as a whole.

Manufacturers remained pessimistic despite lower price pressure. The weak sentiment towards future activity reflected concerns about a broader economic slowdown, tighter financial conditions, and high energy costs.

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