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Australia Manufacturing PMI Steady In August - Judo Bank
(RTTNews) - The manufacturing sector in Australia continued to contract in August, and at a steady pace, the latest survey from Judo Bank revealed on Friday with a manufacturing PMI score of 49.6.
That's unchanged from the July reading and it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.
Underpinning the latest worsening of manufacturing sector conditions was another fall in overall new orders. Incoming new work declined at a fractionally higher rate compared to July as rising prices, softening economic conditions, and continued destocking efforts at clients led to reduced demand.
Foreign sales similarly worsened though at a markedly slower rate in August. As a result, Australian manufacturing output shrank for the ninth month in a row. The pace of contraction was only marginal, however, with firms continuing to work through their backlogged work.
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