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Orders Down for Austrian industry
Sharpest decline in orders since the middle of 2009 results in a significant reduction in production – job losses in industry pick up pace in September. Contraction in industry weakens overall economy: modest decline in GDP likely for the third quarter.
Orders Down for Austrian industry / Picture: © Vindobona.org
The slowdown of Austrian industrial activity gained momentum again at the start of the autumn. "In September the Bank Austria Purchasing Managers' Index sank to 45.1 points, its lowest reading since the middle of 2009. The noticeable downward trend in orders played a crucial role in this development, which led to a reduction in production output and a fall in employment", explained…
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