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Australia Manufacturing PMI Improves To 48.6 In June - Judo Bank
(RTTNews) - The manufacturing sector in Australia continued to contract in June, albeit at a slower pace, the latest survey from Judo Bank revealed on Friday with a manufacturing PMI score of 48.6.
That's up from 48.4 in May, although it remans beneath the boom-or-bust line of 50 that separates expansion from contraction.
Production shrank at the slowest pace since February amid improvements in supply conditions. Better vendor performance enabled Australian goods producers to clear their backlogs at the fastest rate in just over three years.
At the same time, new orders remained in contraction, which led to lower input acquisitions among Australian manufacturers and also affected business confidence. Employment levels nevertheless continued to grow, albeit at a mild rate.
The survey also showed that the services PMI fell from 52.1 in May to 50.7 in June, while the composite index slipped from 51.6 in May to 50.5 in June.
Underpinning the latest rise in activity was a third successive monthly expansion of new orders. Growth was concentrated within the service sector, however, as manufacturers continued to see the volume of incoming new orders shrink.
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