BRUSSELS (dpa-AFX) - Austria's manufacturing contraction softened amid slower declines in both production and new orders, survey results from S&P Global showed on Wednesday.
The UniCredit Bank Austria Manufacturing Purchasing Managers' Index rose to a 2-year high of 46.7 in February from 45.7 in January. However, any score below 50.0 suggests contraction.
Output fell at the weakest pace since May last year, and new orders decreased only modestly and at the joint-slowest decline in the current 34-month sequence of falling demand. Export demand was not favourable as inflows of new work from abroad fell at a robust pace, especially from Europe.
In line with lower new business, backlogs of work dropped further, and employment fell for the twenty-second consecutive month. Firms also reduced their purchasing activity amid lower production requirements and efforts to run down stocks.
On the price front, input prices rose for the first time in five months due to higher energy costs along with wage pressures and rises in some raw material prices. Nonetheless, selling prices dropped further, extending the current sequence of discounting to almost two years.
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