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Financial News: Austria's Manufacturing Recovery Gathers Momentum

Austria's Manufacturing Recovery Gathers Momentum

10/28/2020 - 06:45:00 (RTTNews)

(RTTNews) - Austria's manufacturing sector recovery gained strength in October driven by a sharp increase in new orders, survey results from IHS Markit showed Wednesday.

The headline UniCredit Bank Austria Manufacturing Purchasing Managers' Index rose to 54.0 in October from 51.7 in September. This was the highest reading in almost two years.

New orders logged its strongest growth since January 2018 as demand from domestic and foreign markets improved further.

On the back of robust demand, production levels were raised, which in turn led to a pick-up in firms' purchasing activity and modest inflationary pressure on both input costs and output prices.

Still, goods producers continued to trim workforce numbers amid efforts to save costs.

The survey showed a slight drop in manufacturers' optimism towards the outlook for activity over the next 12 months.

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