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Australia Manufacturing PMI Improves To 49.6 In July - Judo Bank
(RTTNews) - The manufacturing sector in Australia continued to contract in July, albeit at a slower pace, the latest survey from Judo Bank revealed on Monday with a manufacturing PMI score of 49.6.
That's up from 48.2 in June, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.
Total new orders and new export business both declined again in July, but at reduced rates amid some signs of demand stabilization. There were several reports of new orders from customers in the US. The pace of input cost inflation ticked higher at the start of the third quarter but remained relatively muted. Meanwhile, selling prices increased at the softest pace since September 2020.
The survey also showed that the services PMI fell from 50.3 in June to 48.o in July, and the composite index slipped from 50.1 in June to 48.3 in July.
Several respondents linked lower activity to the impact of increased interest rates, which negatively impacted client confidence and budgets. While services new orders continued to rise, the rate of expansion was only fractional amid a renewed fall in new business from abroad. Employment growth also slowed and was at a seven-month low.
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