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Financial News: Austria's Manufacturing Growth Slows In October

Austria's Manufacturing Growth Slows In October

10/27/2021 - 07:59:00 (RTTNews)

(RTTNews) - Austria's manufacturing sector growth weakened in October as supply bottlenecks and acute price pressures acted as brakes on activity, data published by IHS Markit showed on Wednesday.

The headline UniCredit Bank Austria Manufacturing Purchasing Managers' Index fell to 60.6 in October from 62.8 in September. Nonetheless, a reading above 50 indicates expansion in the sector.

Output growth showed a renewed slowdown as a lack of materials and components constrained production volumes. Reduced demand from clients in the auto sector combined with strong price pressures led to the slowest rise in new orders since January.

Average input prices increased sharply in October, with the rate accelerating for the second straight month. In turn, the rate of output price inflation surpassed the previous record set in July, with an increasing number of firms looking to pass on higher costs to customers.

Looking ahead, manufacturers showed less optimism towards the outlook for output over the next twelve months.

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