Austria: PMI edges up in August
Conditions in the Austrian manufacturing sector remained weak in August, although improved somewhat from July’s result. The UniCredit Bank Austria Manufacturing Purchasing Managers’ Index (PMI) rose from a nearly six-year low of 47.0 in July to 47.9 in August. The PMI, however, remains below the 50-mark, pointing to contractionary conditions in the manufacturing sector.
August’s result reflected weak demand, with new orders contracting for the eight-consecutive month. In addition, output fell, although at a slightly more moderate pace than in July. Adding to the gloomy survey, firms shed jobs for the second month in a row.