Financial News: Australia Manufacturing PMI Improves In June - S&P

Australia Manufacturing PMI Improves In June - S&P Global

(RTTNews) - The manufacturing sector in Australia continued to expand in June, and at a faster rate, the latest survey from S&P Global revealed on Tuesday with a manufacturing PMI score of 51.2.

That's up from 50.7 in May and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

While output neared stabilization during June, the picture for new orders was less positive as new business decreased solidly again over the month. New orders have fallen continuously since March. A number of respondents linked the latest fall in new business to market uncertainty. New export orders also decreased again at the end of the second quarter.

The survey also showed that the services PMI improved to 49.9 from 48.7 and the composite PMI moved up to 49.8 from 48.7.

Input costs continued to increase sharply in June, but the rate of inflation eased for the second consecutive month and was the lowest since March. Higher fuel and transportation costs were widely mentioned. Manufacturers reported that some suppliers had consolidated deliveries in order to reduce shipping costs, contributing to a further substantial lengthening of suppliers' delivery times.

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