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Financial News: Austria's Manufacturing Growth At Record High

Austria's Manufacturing Growth At Record High

04/28/2021 - 06:11:00 (RTTNews)

(RTTNews) - Austria's manufacturing activity grew at a record pace in April, survey results from IHS Markit showed on Wednesday.

The headline UniCredit Bank Austria manufacturing Purchasing Managers' Index rose to 64.7 in April from 63.4 in March. This was its highest reading since data collection began in October 1998.

Manufacturers reported record growth in new orders as well as a further acceleration in the rate of job creation. The rate of production growth remained strong but eased slightly from March's 39-month high.

Backlogs continued to rise, as a number of firms reported difficultly keeping up with demand amid growing reports of supply problems.

Supply shortages and higher transport costs in turn led to a further steep rise in average prices paid for purchases, with the rate of inflation at a series-record high in April. Supportive demand conditions allowed many manufacturers to pass on at least part of the burden of higher costs to clients.

April's survey continued to show strong expectations among Austrian manufacturers for activity over the coming year.

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