Austria: August manufacturing PMI trends upward but challenges persist
The Manufacturing Purchasing Managers’ Index (PMI)—produced by UniCredit Bank Austria and S&P Global—came in at 40.6 in August, up from July’s 38.8. As such, the index remained below the 50.0 no-change threshold, signaling a continued, albeit slower, deterioration in manufacturing sector operating conditions from the previous month.
The increase was driven by a softer decline in output. Meanwhile, the fall in new orders accelerated due to the lack of demand and the reduction of stocks in the construction sector. Additionally, employment kept falling as a result of reduced output requirements and the gloomy outlook for the year ahead. Meanwhile, input and output prices continued to fall. Lastly, sentiment regarding the economic outlook for the next year was broadly unchanged from July’s levels.