Austria Manufacturing Downturn Deepens in September
Austria's manufacturing activity deteriorated at an accelerated pace in September as new orders declined the most in more than two years, data produced by S&P Global showed on Wednesday.
The UniCredit Bank Austria manufacturing purchasing managers' index (PMI) dropped to 39.6 in August from 40.6 in the previous month. Any score below 50 indicates contraction in the sector. Output fell for the sixteenth successive month in September, and the rate of contraction was quicker than the average over the current sequence of decline.
Lower production was mainly attributed to a sustained downturn in demand, with new orders falling at the sharpest rate since May 2020. The latest fall in new business was linked to customer hesitancy, declining construction activity and a general economic slowdown. Foreign demand also witnessed a sharp drop in September, especially weaker new work from Germany.
There was a sharp decrease in factory employment as workloads fell and bus inesses became more pessimistic about the future. Goods producers also reduced their purchasing activity. On the price front, input costs decreased further as firms reported negotiating improved terms with suppliers.
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