Austria's manufacturing sector showed signs of an end to the recent downturn in November as both output and new orders stabilized, results of a survey showed Thursday.
The seasonally adjusted Bank Austria manufacturing Purchasing Managers' Index (PMI) registered 49.3 in November compared to a reading of 44.8 for October, Markit Economics said.
The PMI has been below 50 points for the past 5 months. Fifty is the dividing line between expansion and contraction. That said, the latest score was the highest in this sequence.
But, the overall health of the sector continued to deteriorate amid falling employment and a marked depletion of stocks of purchases, the survey found.
Output and new orders rose marginally, after falling for four successive months. New export orders continued to fall, however at slower pace, due to global weakness.
Outstanding business fell for the straight tenth month, but at the weakest pace since August. Staffing levels dropped sharply and firms linked job cuts to weak demand and efforts to cut costs.
Input prices rose at a slower pace, which was weaker than the series average, in November led by higher prices for energy, metals and transport. But, firms left the output prices remained unchanged after raising it marginally in October.
by RTT Staff Writer
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