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Financial News: Australia Manufacturing PMI Inches Higher - S&P Global

Australia Manufacturing PMI Inches Higher - S&P Global

06/22/2022 - 19:26:00 (RTTNews)

(RTTNews) - The manufacturing sector in Australia continued to expand in June, and at a slightly faster rate, the latest survey from S&P Global revealed on Thursday with a manufacturing PMI score of 55.8.

That's up from 55.7 in May, and it moves further above the boom-or-bust line of 50 tat separates expansion from contraction.

Manufacturing production growth accelerated in June, extending the current sequence of expansion to five months. In line with output expansion, the rate of new order growth quickened. This was underpinned by strengthening demand conditions from both domestic and foreign sources amid reports of new client wins and projects.

As a result, employment levels continued to expand in June. Manufacturers also reported increasing their purchasing activity to cope with higher demand levels

The survey also showed that the services index slipped to 52.6 in June from 53.2 in May, while the composite index eased to 52.6 from 52.9.

The overall easing in output growth in June was underpinned by a slowdown in the service sector. Despite the lessening of COVID-19 disruption and easing of travel restrictions, recent hikes in interest rates and persistent inflationary pressures weighed negatively upon output, according to firms.

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