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Financial News: Austria's Manufacturing Sector Continues To Shrink

Austria's Manufacturing Sector Continues To Shrink

10/29/2019 - 07:12:00 (RTTNews)

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

The UniCredit Bank factory Purchasing Managers' Index rose to 45.5 in October from September's near seven-year low of 45.1.

There was a notable decrease in output and the fall in factory employment was the steepest for nearly ten years, as firms adjusted to a further drop in demand from clients both at home and abroad.

On price front, data showed that input costs fell sharply and for the fifth month in succession. Average factory gate charges were down for fourth month, though the pace of decline was the slowest in the current sequence. Finally, sentiment among manufacturers towards the year ahead outlook for output improved only slightly in October from a near seven-year low seen in September.

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