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Market Update: Austria Factory Activity Growth Rises to New All-Time High
The Unicredit Bank Austria Manufacturing PMI rose to 66.4 in May of 2021 from 64.7 in the previous month, pointing to a record growth in the factory sector. Austrian manufacturers experienced record increases for new orders and output, driven by stronger external demand, a recovery in investment spending and the easing of lockdown restrictions. Widespread urgency to boost capacity as backlogs increased at record pace, led to a pick-up in the rate of job creation that stood at a 3-year high. Additionally, supply-side conditions continued to worsen amid severe material shortages and rising delivery delays, which pushed both cost inflation and factory gate charges to a survey high. At last, business confidence eased further to a 4-months low, as manufacturers remain generally positive about next years outlook, while stating concerns regarding the ongoing supply issues. source: Markit Economics [/s2If]
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