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Financial News: Australia Manufacturing PMI Improves To 59.9 In May

Australia Manufacturing PMI Improves To 59.9 In May - Markit

05/20/2021 - 19:43:00 (RTTNews)

(RTTNews) - The manufacturing sector in Australia continued to expand in May, and at a faster pace, the latest survey from Markit Economics revealed on Friday with a survey record manufacturing PMI score of 59.9.

That's up from 59.7 in April, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

New export orders rose as international demand for both Australian goods and services expanded at accelerated rates. Specifically, overseas demand for services increased at the fastest pace on record. With the strong demand being sustained in May, companies also saw their backlogs of work increase. The rise was the fourth in successive months and the steepest in the survey history.

The survey also showed that the services PMI eased to 58.2 from 58.8 in April and the composite fell to 58.1 from 58.9.

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