Austria PMI October 2019

Austria

Austria: PMI remains entrenched in contractionary territory in October

October 29, 2019

Austrian business conditions contracted again in October, albeit at a softer pace compared to September, as the UniCredit Bank Austria Manufacturing Purchasing Managers’ Index (PMI) edged up to 45.5 from 45.1. However, the index remained firmly entrenched below the 50-threshold that separates contraction from expansion in the manufacturing sector; the index has remained in contractionary territory for seventh consecutive months.

The latest downturn came on the heels of another steep drop in output and a marked fall in employment, reflective of decreased domestic and foreign demand. Output dropped for the sixth month in a row, which marks the longest contractionary sequence in eight years. Anecdotal evidence highlighted that demand suffered from a lack of investment and the ongoing downturn in the German automotive sector. Subsequently, headcounts were reduced at the strongest rate in nearly 10 years.

FocusEconomics Consensus Forecast panelists expect gross fixed investment to rise 2.0% in 2020, which is unchanged from last month’s forecast. The panel sees fixed investment growth of 1.9% in 2021.


Author:, Economist

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Austria PMI October 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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