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Financial News: Australia Manufacturing Growth At Record High

Australia Manufacturing Growth At Record High

06/01/2021 - 08:18:00 (RTTNews)

(RTTNews) - Australia's manufacturing sector growth hit a record high in May, survey data from IHS Markit and Commonwealth Bank showed on Tuesday.

The manufacturing Purchasing Managers' Index rose to 60.4 in May from 59.7 in April. A score above 50 indicates expansion.

Demand growth increased in May and new orders rose at the fastest pace since the series began in May 2016.

Foreign demand and total sales increased in May. Backlogs of work rose and the number of workforce expanded at a record pace.

Suppliers' delivery time lengthened in May and purchasing activity increased.

Firms' cost burden increased in May and output charge inflation accelerated.

Firms remained positive for the coming year, despite the degree of optimism slipping to the lowest in ten months.

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