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Financial News: Australia Manufacturing PMI Improves To 57.9 In April

Australia Manufacturing PMI Improves To 57.9 In April - S&P

04/21/2022 - 19:11:00 (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 Friday with a manufacturing PMI score of 57.9.

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.

Manufacturing production expansion accelerated in April amid faster new orders growth. This was underpinned by better local and overseas demand with new export orders seeing growth for the first time in four months. As a result, employment levels and purchasing activity sustained in growth in April, contributing to higher stocks of purchases.

Also, the services PMI improved to 56.6 in April from 55.6 in March, while the composite rose to 56.2 from 55.1.

Private sector output expanded at a faster pace in April with service sector business activity driving the improvement. This came as new orders for Australian goods and services grew at the fastest rate since May 2021. Better COVID-19 conditions supported the expansion of activity according to panelists. Foreign demand also returned to growth for the first time in four months following the easing of border restrictions.

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