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Australia Manufacturing PMI Falls To 47.7 In November - Judo Bank
(RTTNews) - The manufacturing sector in Australia continued to contract in November, and at a faster pace, the latest survey from Judo Bank revealed on Friday with a manufacturing PMI score of 47.7.
That's down from 48.2 in October and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.
Order book volumes fell in the Australian manufacturing sector for the twelfth successive month. Moreover, the pace of decline accelerated from October and was the quickest since May 2020. Foreign demand likewise deteriorated as new orders from abroad fell in November. According to survey respondents, soft domestic and global economic conditions, affected by high interest rates, weighed on demand in November.
As a result of lower new orders, manufacturing production levels declined in November for the twelfth successive month. That said, the pace of contraction eased from October and was moderate overall. Firms worked through their existing orders to support production, leading to backlogged work falling at one of the fastest rates in the survey history. A lack of pressure on capacity meanwhile resulted in employment levels falling, albeit marginally, for the first time in just over three years.
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