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Financial News: Australia Manufacturing PMI Climbs To 58.8 In April

Australia Manufacturing PMI Climbs To 58.8 In April - S&P

05/01/2022 - 19:45:00 (RTTNews)

(RTTNews) - The manufacturing sector in Australia continued to expand in April, and at a faster rate, the latest survey from S&P Global showed on Monday with a manufacturing PMI score of 58.8.

That's up from 57.7 in March and it moves further above the boom-or-bust line of 50 that separates expansion from contraction. This marked the twenty-third consecutive month in which the sector has grown.

Manufacturing output in Australia rose at a faster pace in April, supported by strong new orders growth as better market conditions underpinned an increase in demand. Foreign demand saw renewed growth following three consecutive months of contraction with the easing of border restrictions in some trading partner nations supported the change.

As a result of higher demand and output, employment levels rose at a faster pace in April. That said, panelists continued to reflect difficulties in acquiring skilled labor.

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