Lower Export Orders Dampen Outlook for Manufacturing
In July and August, merchandise exports were down by 2 percent year-on-year, the level of foreign orders by 5 percent. Latest results from the quarterly WIFO survey among industrial enterprises also show a marked weakening of business confidence. Over the last twelve months more than 17,000 industrial jobs were lost while overall employment is still rising at an annual pace of 15,000 or ½ percent. Higher retail sales suggest consumer demand stayed firm over the summer, but construction activity has lost momentum. Consumer price inflation is hovering around an annual 4 percent rate, the underlying trend excluding seasonal goods is pointing downwards. The rise in the effective schilling exchange rate keeps import prices down but puts strain on the competitiveness of export.
Sinkende Auslandsaufträge trüben die Konjunkturerwartungen der Industrie; Lower Export Orders Dampen Outlook for Manufacturing
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