BRUSSELS (dpa-AFX) - Austria's manufacturing activity deteriorated at a slower pace in May as output levels returned to growth territory for the first time in three years, survey results from S&P Global showed on Tuesday.
The UniCredit Bank Austria Manufacturing Purchasing Managers' Index rose to 48.4 in May from 46.6 in April. Nonetheless, any score below 50.0 suggests contraction.
Production grew for the first time in three years in May, though the increase was only marginal. However, new orders declined further, and new export sales fell at a noticeably slower rate than in April.
Firms reduced their workforce numbers in May, but it was the softest decline in employment in almost two years. They also scaled back purchasing activity to the weakest rate since the current sequence of depletion began in early 2023.
On the price front, input prices remained broadly steady amid reports of mixed trends in the cost of materials and other inputs. Meanwhile, selling prices fell for the first time in three months.
Looking ahead, firms were slightly more upbeat about the year-ahead outlook, partly reflecting the prospect of lower interest rates and positive spillovers from increased public sector spending in Germany.
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