Austria PMI September 2019

Austria

Austria: PMI drops to near seven-year low in September

September 27, 2019

Business conditions contracted at an accelerated pace in September, with the UniCredit Bank Austria Manufacturing Purchasing Managers’ Index (PMI) dropping from 47.9 in August to 45.1 in September, the lowest level in nearly seven years. The PMI consequently moved further south of the 50-threshold that separates contraction from expansion in the manufacturing sector.

The latest downturn was driven by another slump in new orders, which dropped for the ninth month running, owing to postponement of orders and a slowdown in the domestic and global economy—new export orders also fell, particularly due to the weakness in the German car industry. As demand dynamics weakened, production fell at the strongest pace in nearly seven years driven by dropping output across the sector and purchasing activity eased markedly. Moreover, manufacturing jobs were shed for the third consecutive month and employment fell at a near-decade quick pace. This, in part, reflected a darkened outlook on business expectations, which reached the lowest level in nearly seven years.

FocusEconomics Consensus Forecast panelists expect gross fixed investment to rise 2.8% in 2019, which is unchanged from last month’s forecast. The panel sees fixed investment growth of 2.2% in 2020.


Author:, Economist

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Austria PMI September 2019

Note: UniCredit Bank Austria Manufacturing Purchasing Managers’ Index (PMI) Composite Output. A reading above 50 indicates an expansion in business activity while a reading below 50 indicates a contraction.
Source: UniCredit Bank Austria and IHS Markit.


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