28.11.202309:29:00UTC+00Austrian Manufacturing Activity Remains In Contraction

Austria's manufacturing activity deteriorated further in November, but the pace of contraction has eased since October, data produced by S&P Global showed on Tuesday.

The UniCredit Bank Austria Manufacturing Purchasing Managers' Index rose to 42.2 in November from 41.7 in the previous month. However, any score below 50 indicates contraction in the sector.

The rise in the headline index was driven largely by a weaker fall in new orders, which declined at the slowest pace in eight months.

The pace of contraction in new export orders was also the slowest since February.

Another factor that was brought up as a challenge to demand was the slowdown in the overall economy, especially in the building industry, the survey said.

Consequently, there was a reduction in output, and the rate of contraction was slightly faster than in the prior month.

Firms reduced their workforce numbers for the seventh consecutive month in November, but the pace of job shedding eased further.

On the price front, both input and output costs declined at the weakest rate since April, as weaker demand led to discounting.

Firms maintained a downbeat view, despite expectations that they had significantly improved from the recent low in October.