Austria Manufacturing Downturn Continues In November

Austria's factory activity remained in contraction for the fourth successive month in November amid a sharp slump in demand despite easing price pressures, survey data from S&P Global showed on Monday.

The UniCredit Bank Austria manufacturing Purchasing Managers' Index stood at 46.6 in November, unchanged from October. However, a score below 50.0 indicates contraction.

New orders registered a sustained steep drop in November, linked to weaker demand due to high inflation, caution among clients, a lack of appetite for investment, and full warehouses.

Output fell for the sixth consecutive month in November, although the rate of contraction has eased since October.

On the price front, input price inflation moderated to a 23-month low in November amid a further alleviation of supply-chain constraints. The rate of selling price inflation was the slowest in three months.

The outlook for the year-ahead was less pessimistic than a month earlier, but widespread concerns about high energy costs, inflation, and broader slowdowns remained.

Despite the gloomy outlook, manufacturing employment rose further in November, linked in part to the filling of vacancies.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The U.S. Consumer Product Safety Commission or CPSC announced recall of thousands of children's Robes made in China and sold exclusively on Amazon.com by various companies. The recalled robes fail to meet the federal flammability standards for children's sleepwear, posing a risk of burn injuries to children. Further, citing the same concerns, Paper Cape children's pajamas manufactured in Peru ... Health services company Cigna Corp. reported Friday higher profit in its fourth quarter reflecting growth in both Evernorth and Cigna Healthcare segments. Adjusted earnings and topline beat market estimates. Looking ahead for fiscal 2023, the company projects adjusted earnings and adjusted revenues to be higher than last year, but below market view. French drug major Sanofi SA reported Friday higher profit in its fourth quarter with strong revenue growth mainly with strong sales of Dupixent. Looking ahead for fiscal 2023, the company projects higher business earnings, but the expected growth is slower than recorded in fiscal 2022. Sanofi shares were losing around 4 percent in the morning trading in Paris as well as in pre-market activity...
Follow RTT