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Financial News: Australia Manufacturing Growth Slows In June

Australia Manufacturing Growth Slows In June

07/01/2021 - 08:22:00 (RTTNews)

(RTTNews) - Australia's manufacturing growth expanded at a softer pace in June, survey data from IHS Markit showed on Thursday.

The IHS Markit manufacturing Purchasing Managers' Index fell to 58.6 in June from a record 60.4 in May. A score above 50 indicates expansion in the sector. The flash reading was 58.4.

Output and new orders rose for the twelfth month in row in June. Export orders increased for the fourth straight month, albeit at a softer rate.

Suppliers' delivery times lengthened to the greatest extend since April last year and backlogs of work increased at a softer pace in June. The rate of job creation declined marginally.

On the price front, input prices and output prices increased in June, albeit at a slower rates.

Firms remained optimistic regarding the outlook for the manufacturing sector with the degree of optimism rising to the highest in two months.

"Australia's manufacturing sector continued to expand at a strong pace despite some signs of disruption from the Victoria lockdown that lingered into June," Jingyi Pan, economics associate director at IHS Markit, said.

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