BRUSSELS (dpa-AFX) - Austria's manufacturing activity expanded at a slightly faster pace in May, survey data from S&P Global showed Wednesday.
The UniCredit Bank Austria manufacturing Purchasing Managers' Index rose to 51.7 in May from 51.2 in the previous month. A score above 50.0 indicates expansion.
The uptick in the index partly reflects a renewed rise in production volumes. However, manufacturers reported another fall in incoming new work.
Regarding prices, the survey showed that factory gate price inflation rose sharply and hit its highest since November 2022. This reflected a sustained surge in input prices. Input price rose at the steepest pace seen in four years.
Manufacturers faced considerable supply chain disruption, which was linked to the war in the Middle East. Average lead times lengthened to an extent that was close to April's near four-year record.
Firms raised their purchasing activity for a third straight month due in large part to supply concerns and efforts to build up safety stocks.
Further, there was further decrease in factory employment as firms reported adjusting to challenging market conditions and efforts to cut costs.
Finally, business expectations for output over the coming year edged up from April's seven-month low.
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