Australia Manufacturing PMI Slows In May - S&P Global
(RTTNews) - The manufacturing sector in Australia continued to expand in May, albeit at a slower pace, the latest survey from S&P Global revealed on Monday with a manufacturing PMI score of 51.0.
That's down from 51.7 in April, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.
Incoming new orders expanded midway through the second quarter. This included better export demand, as orders from abroad grew for the first time in three months. The rate of overall new business growth softened to a three month low in May, however. This was partly attributed to the federal election.
Manufacturing production was also impacted, contracting for only the second time in the year-to-date. The rate of reduction was marginal but nevertheless led to the stalling of post-production inventory levels following two consecutive months of accumulation.
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