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Australia Manufacturing PMI Falls To 48.1 In April - Judo Bank
(RTTNews) - The manufacturing sector in Australia continued to contract in April, and at a faster rate, the latest survey from Judo Bank revealed on Friday with a manufacturing PMI score of 48.1.
That's down from 49.1 in March and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.
With new orders declining, manufacturers also reduced their output for the fifth month running, although the latest contraction was only marginal. Firms continued to expand staffing levels, extending the current sequence of job creation to two and a half years. That said, the rate of increase eased to the softest over this period amid waning demand and declining backlogs of work.
The survey also showed that the services PMI improved to 52.6 in April from 48.6 in February.
New business increased slightly, ending a two-month sequence of decline. Rising new business encouraged companies to continue increasing their workforce numbers. Employment expanded at the sharpest pace in five months.
The composite PMI rose to 52.2 in April from 48.5 in March.
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