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Financial News: Australia Manufacturing PMI Eases In October - S&P

Australia Manufacturing PMI Eases In October - S&P Global

10/31/2022 - 18:16:00 (RTTNews)

(RTTNews) - The manufacturing sector in Australia continued to expand in October, albeit at a slower pace, the latest survey from S&P Global revealed on Tuesday with a manufacturing PMI score of 52.7.

That's down from 53.5 in September, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

Production at Australia's manufacturing firms rose for a ninth consecutive month in October, driven by an expansion in new orders as underlying demand rose. Improvements in factory performance were also reported to have supported the solid expansion in output. That said, both new orders and production increased to weaker degrees in October.

Foreign demand likewise expanded at a slower rate. Amid higher overall demand and output, firms continued to expand their workforce capacity. The rate at which employment levels grew was slower, however, with survey respondents reported to have faced difficulties in acquiring skilled labor.

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