Austrian Manufacturing Downturn Eases In August

(RTTNews) - Austria's factory activity contracted at a slower pace in July as output grew at the fastest pace in more than three years, survey data from S&P Global showed on Wednesday.

The UniCredit Bank Austria Manufacturing Purchasing Managers' Index rose to 49.1 in August from 48.2 in July. However, a score below 50.0 indicates contraction.

Production volumes increased at the quickest pace since May 2022, supported by existing backlogs of work. The fall in new orders eased further, indicating signs of demand stabilizing.

Firms continued to reduce their workforce numbers in August, while purchasing activity logged a fractional decline.

On the price front, input price inflation rose to a five-month high in August, while firms were forced to decrease selling prices amid competitive pressures.

Looking ahead, manufacturers remained positive about output expectations over the next twelve months on the back of company expansion plans, upcoming new products, and hopes for an economic upturn.