September 1, 2023
Due to a less drastic decline in output, the Unicredit Bank Austria Manufacturing PMI increased to 40.6 in August 2023 from 38.8 in July for the first rise in seven months. Nevertheless, the reading stayed negative for more than a year as producers noted weak demand, particularly from abroad. Due to consumer reluctance, the unwinding of stocks, and deterioration in the construction industry, new order inflows decreased more quickly. Backlogs of work decreased significantly at the same time, and businesses decreased their stuffing capacity. Even while the rate of job losses moderated, it remained high by historical norms. Meanwhile, thanks in part to improving supply networks, purchase levels declined at their slowest rate since April. Lead times on purchases significantly increased for the ninth consecutive month. On inflation, both output and input prices continued to drop, albeit less than in the previous period. Overall, the outlook remained pessimistic, close to the seven-month low in July.
Source: Trading Economics
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