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Australia Manufacturing PMI Improves To 49.6 - Judo Bank
(RTTNews) - The manufacturing sector in Australia continued to contract in July, albeit at a slower rate, the latest survey from Judo Bank revealed on Tuesday 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.
Supporting the easing of the manufacturing sector downturn were shallower contractions in production and new orders. Manufacturing output was little changed in July. This was in line with a move towards stabilization in demand as seen via slower reductions in both overall new orders and new business from abroad.
Clearance of outstanding work also underpinned the easing of the production downturn in July with the volume of backlogged work shrinking for an eighth straight month in July.
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