BRUSSELS (dpa-AFX) - Austria's manufacturing activity contracted in June, reflecting a renewed drop in output and new orders, survey data from S&P Global showed on Thursday.
The UniCredit Bank Austria Manufacturing Purchasing Managers' Index fell to 47.0 from a 28-month high of 48.4 in May. A score below 50 indicates contraction.
After rising for the first time in three years, production declined in June due to weak demand. Intake of new orders decreased partly reflecting hesitancy among customers. Export sales also decreased at a faster pace.
Backlogs of work continued to fall in a sign of underutilized capacity. Further, manufacturers stepped up the rate of job shedding as employment dropped to the greatest extent since March.
Average prices paid for inputs decreased in June on discounts from suppliers. At the same time, factory gate charges dropped for the second straight month.
Looking ahead, manufacturers expect output levels to increase in the coming twelve months, which was partly linked to hopes of a pick-up in economic conditions.
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