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Financial News: Austria's Manufacturing Growth Moderates In August

Austria's Manufacturing Growth Moderates In August

08/27/2020 - 08:07:00 (RTTNews)

(RTTNews) - Following the record downturn caused by the coronavirus pandemic, Austria's manufacturing sector logged a sustained rebound in August but the pace of expansion moderated from July, survey data from IHS Markit showed Thursday.

The UniCredit Bank Austria manufacturing Purchasing Managers' Index fell to 51.0 in August from 52.8 in July. However, a score above 50 indicates expansion.

The rates of growth in both output and new orders were slower than in July. The main drag was from ongoing weakness in demand for investment goods. Export sales returned to growth in August after falling for six months.

Employment decreased markedly as rate of staff cuts reaccelerated in August.

On the price front, the survey revealed that average purchase prices fell at the slowest rate for 14 months. At the same time, the decline in factory gate charges eased in August.

Lastly, the survey showed increased optimism towards the outlook for production, with expectations recovering further from April's record low to the highest for six months.

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