Austria: PMI inches down in March but remains near multi-year high
March 30, 2017
In March, the Bank Austria Manufacturing Purchasing Managers’ Index (PMI) came in at 56.8, just below February’s 57.2 and January’s 57.3, which had marked a nearly six-year high. As a result, the index remained above the 50-threshold that indicates an expansion in business activity in the manufacturing sector, where it has remained since April 2015.
Output and new business continued to grow in March, albeit at a slightly softer pace than in recent months, while purchasing activity spiked. As a consequence of higher demand, backlogs of work grew and producers increased their number of employees at the fastest rate in almost six years. Regarding prices, businesses reported higher cost pressure due to increasing commodity prices, which led a number of firms to increase their output prices.
Author: Christopher Mc Innes, Economist