Austria: Manufacturing PMI records worst reading since June 2020 in October
October 27, 2022
The S&P Global Manufacturing Purchasing Managers' Index (PMI) came in at 46.6 in October, down from September's 48.8. October's result marked the worst performance since June 2020. As such, the index fell further below the 50.0 no-change threshold, signaling a sharper deterioration in manufacturing sector operating conditions compared to the previous month.
The downturn came on the back of a stronger moderation in output on the back of a sharp fall in new orders. The latter was in part due to a steep drop in foreign sales; the war in Ukraine has weighed heavily on European economies. Furthermore, input price inflation rose steeply in the month, despite easing somewhat from the prior month. Consequently, output price inflation remained elevated. More positively, signs emerged of easing supply-chain issues, and employment continued to increase.