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Financial News: Australia Manufacturing Growth Remains Strong

Australia Manufacturing Growth Remains Strong

01/04/2022 - 06:45:00 (RTTNews)

(RTTNews) - Australia's manufacturing grew at a softer pace in December, but the pace of expansion remained strong, survey data from IHS Markit showed on Tuesday.

The IHS Markit manufacturing Purchasing Managers' Index fell to 57.7 in December from 59.2 in November.

A score above 50 indicates expansion in the sector. Activity rose for the nineteenth straight month.

New orders and output growth eased in December. Foreign demand expanded at a faster rate due to easing of COVID-19 restrictions abroad.

Purchasing activity rose in December and the rate of job creation remained unchanged.

Lead time lengthened at a slower rate in December and backlogs of work increased. Stocks of finished goods declined for the first time in a year.

Input cost and output price inflation accelerated to record rates in December.

The overall sentiment remained positive in December with the hopes of continued growth.

"IHS Markit forecasts for Australia's GDP to expand by 2.7 percent in 2022," Jingyi Pan, economics associate Director at IHS Markit, said.

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