Austria: Austria PMI reaches fresh multi-year high in December
December 29, 2016
In December, the Bank Austria Manufacturing Purchasing Managers’ Index (PMI) came in at 56.3, which was up from November’s 55.4 and marked an over five-and-a-half year high. As a result, the index moved further above the 50-threshold that indicates an expansion in business activity in the manufacturing sector, where it has remained since April last year.
Output, new business and purchasing activity surged in December. According to manufacturers, underlying client demand picked up and some reported new business was coming from Germany. As a consequence of higher demand, backlogs of work grew and producers increased their number of employees. Regarding prices, businesses reported higher cost pressure due to increasing commodity prices and a weaker euro against the U.S. dollar.
Author: Christopher Mc Innes, Economist