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Financial News: Austria's Manufacturing Sector Continues To Contract

Austria's Manufacturing Sector Continues To Contract

11/27/2019 - 05:18:00 (RTTNews)

(RTTNews) - Austria's manufacturing sector continued to contract in November, survey data from IHS Markit showed Wednesday.

The headline UniCredit Bank Austria manufacturing Purchasing Managers' Index rose to 46.0 in November from 45.5 in October. Nonetheless, a reading below 50 indicates contraction.

A further solid decrease in output in November extended the current sequence of contraction to seven months. Likewise, new orders received by manufacturers declined at an accelerated pace.

The sustained reductions in output and new orders saw employment in the manufacturing sector fall for a fifth straight month, the survey revealed.

Factory gate prices dropped for the fifth straight month, as firms reported strong competition for new work and a sustained decline in underlying input costs.

Further, the survey showed that business confidence towards output over the next 12 months improved in November.

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