Australia Manufacturing PMI Slips To 49.4 In August - Judo Bank
(RTTNews) - The manufacturing sector in Australia continued to contract in August, and at a faster rate, the latest survey from Judo Bank revealed on Wednesday with a manufacturing PMI score of 49.4.
That's down from 49.6 in July, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.
Fewer new orders led to manufacturing output shrinking fractionally in August. In turn, firms lowered their purchasing activity, though average staffing levels continued to rise alongside sentiment about the 12-month outlook for production. The level of business confidence among Australian manufacturers stood at the highest since February.
The survey also showed that the services PMI fell to 46.7 from 47.9 and the composite PMI slipped to 47.1 from 48.2.
The service sector remained the main source of private sector weakness in August, with services activity shrinking at the fastest pace in 19 months. In contrast, manufacturing output only declined slightly. The latest downturn in activity was attributed to a renewed decline in new orders.
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