Austria: Manufacturing PMI rises in July
The UniCredit Bank Austria Manufacturing Purchasing Managers’ Index (PMI) rose from a near two-year low of 51.2 in June to 51.7 in July. The index, therefore, moved further above the neutral 50-threshold that separates an overall improvement in conditions from a deterioration in conditions, as compared to the prior month.
The uptick came despite another drop in production as new domestic and foreign orders tumbled, due to higher prices for goods. Purchasing activity was also scaled back as inventories were adequately stocked, while backlogs of work decreased. Moreover, job creation was the slowest in nearly 18 months. Input and output price inflation eased, but remained elevated nonetheless. Business sentiment, meanwhile, cooled amid recession fears.