Austria: PMI drops in November
November 27, 2015
The manufacturing Purchasing Managers’ Index (PMI) elaborated by Bank Austria fell from 53.0 in October, which had marked the highest level since February 2014, to 51.4 in November. Nevertheless, the index remained above the 50-threshold that indicates an expansion in business activity in the manufacturing sector, where it has been resting since April of this year.
According to Bank Austria, slower expansions of output and new orders at Austrian manufacturers were mainly behind November’s setback. Adding to this, the pace of job creation eased. Meanwhile, backlogs of work increased and both pre- and post-production inventories declined, suggesting that firms grew more cautious in November. Regarding price developments, input costs continued to drop and output charges were cut for a second consecutive month.