Austria: PMI rises to 17-month high in July
July 30, 2015
The manufacturing Purchasing Managers’ Index (PMI) elaborated by Bank Austria rose from 51.2 in June to 52.4 in July, which marked the highest level since February 2014. As a result, the index is now further above the 50 threshold that indicates an expansion in business activity in the manufacturing sector.
According to Bank Austria, the improvement observed in July came on the back of accelerating output and new orders. In addition, backlogs of work increased and companies hired workers for the first time in almost one year. The Bank also added that input costs rose at the sharpest pace in almost one year, in part due to the low value of the euro and the increased cost of raw materials.