Austria Manufacturing PMI At 17-Month High

Austria’s manufacturing sector growth accelerated in June, as output and new orders rose at the strongest pace in almost one-and-a-half years, survey figures from Markit Economics showed Thursday.

The seasonally adjusted Bank Austria Manufacturing PMI climbed to 52.4 in July from 51.2 in the previous month. Any reading above 50 indicates expansion in the sector.

The latest reading reflected the most marked improvement in manufacturers’ operating conditions since February 2014.

New business increased for the second month running in July, boosted by improved market conditions. New export orders also rose during the month, but the pace of expansion slowed from the previous month.

In line with rising new orders, firms raised their production levels further in July. As a result, the rate of output growth reached its strongest since February 2014.

Subsequently, manufacturers increased their payroll numbers for the first time since August last year, albeit the rate of job creation was only marginal.

On the price front, input prices grew at the fastest pace in nearly one year amid reports of rising raw material costs and unfavorable exchange rates. In contrast, companies reduced their selling prices during July.

The material has been provided by InstaForex Company –