Financial News: Australia Manufacturing PMI Improves To 49.6 In April

Australia Manufacturing PMI Improves To 49.6 In April - Judo

04/30/2024 - 19:26:00 (RTTNews)

(RTTNews) - The manufacturing sector in Australia continued to contract in April, albeit at a slower pace, the latest survey from Judo Bank revealed on Wednesday with a manufacturing PMI score of 49.6.

That's up from 47.3 in March, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.

Incoming new orders for Australia manufacturing goods continued to contract in April, lengthening the period of reduction to nearly one and-a-half years. This was attributed to subdued market conditions and the impact of elevated interest rates according to survey respondents. External conditions similarly remained soft, thereby leading to another deterioration in foreign demand. That said, the pace of decline for new orders was the lowest for three months, for exports the weakest since August 2023.

Subsequently, production levels fell at a less aggravated rate in April, the softest since September 2023. The volume of backlogged work also depleted at a weaker pace, whilst employment levels were little changed in April. Some firms hired additional workers to ensure that they kept on top of workloads.

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