VIENNA (dpa-AFX) - Austria's manufacturing activity expanded at the fastest pace in three months in September, driven by stronger growth of output and new orders, survey figures Markit Economics showed Thursday.
The seasonally adjusted Bank Austria Purchasing Managers' Index, or PMI, rose to 53.5 in September from 52.1 in August. Any reading above 50 indicates expansion in the sector.
Both production and new orders grew at an accelerated pace in September. The stronger increase in new business led to an accumulation of backlogs during the month.
Consequently, manufacturing employment increased at the quickest pace in five years.
On the price front, input prices climbed marginally in September. Despite this, firms lowered their selling prices in an attempt to secure new business amid fierce competition.
Copyright RTT News/dpa-AFX