Austria: Manufacturing PMI dips in August but remains in expansionary territory
Manufacturing operating conditions in Austria improved at a softer pace in August, with the UniCredit Bank Austria Manufacturing Purchasing Managers’ Index (PMI) coming in at 51.0 from 52.8 in July. However, the headline figure remained above the neutral 50-threshold that indicates an overall increase compared to the previous month.
The downtick in the headline reading reflected softer growth in output and new orders, while jobs were shed at an accelerated pace. Furthermore, purchasing activity was reduced as firms sought to bring down their stock levels. Manufacturers were more upbeat in their assessment of expected output amid an anticipated recovery; worries about the pandemic remained, however.