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Financial News: Australia Manufacturing Expansion Slows On Subdued Demand

Australia Manufacturing Expansion Slows On Subdued Demand

01/03/2023 - 02:37:00 (RTTNews)

(RTTNews) - Australia's manufacturing growth eased further in December in line with global trends amid weaker demand conditions and production constraints, survey data from S&P Global showed on Tuesday.

The Judo Bank manufacturing Purchasing Managers' Index fell to 50.2 in December from 51.3 in November.

A score above 50 indicates expansion in the sector. Activity rose for the thirty-first straight month.

Demand for Australian manufactured goods fell for the first time in sixteen months in December due to pressure from deteriorating economic conditions and higher interest rates.

New orders from abroad came under pressure against the backdrop of a weaker global climate and shipping issues.

As a result, production, input buying, and holding all declined at the end of the year.

In line with weaker demand, price pressures eased, and input price inflation fell markedly in December. Output prices remained sharp as firms continued to share cost burdens with their clients amid higher material, labor, and energy costs.

"The latest PMI survey results are consistent with the RBA's policy changes in 2022 effectively re-balancing the economy without causing a sudden downturn in activity," Warren Hogan, chief economic advisor at Judo Bank said.

"Tighter monetary policy is slowing domestic activity and removing the excess demand for labour across the economy, without causing widespread job losses and higher unemployment."

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