Brussels, Sept. 28, (dpa-AFX/GNA) - Austria’s manufacturing activity contracted for the second straight month in September amid a sharp downturn in new orders and rising inflation caused by higher energy prices, survey results from S&P Global showed on Wednesday.
The UniCredit Bank manufacturing Purchasing Managers’ Index remained steady at 48.8 in September.
Any reading below 50 indicates contraction and a score above 50 suggests expansion in the sector.
In August, the index reached the sub-50 territory for the first time since June 2020.
New orders fell at the quickest pace since May 2020, due to the uncertain outlook and elevated prices, with high stock levels at customers also dampening demand.
Similarly, new export orders declined at the sharpest rate in twenty-seven months.
Purchasing activity among manufacturers decreased for the third successive month in September.
GNA