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Financial News: Australia Manufacturing PMI Inches Higher In September -

Australia Manufacturing PMI Inches Higher In September - S&P Global

09/22/2022 - 21:45:00 (RTTNews)

(RTTNews) - The manufacturing sector in Australia continued to expand in September, and at a fractionally higher pace, the latest survey from S&P Global revealed on Friday with a Manufacturing PMI score of 53.9.

That's up slightly from 53.8 in August, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

Production levels expanded for an eighth successive month in September and at the sharpest pace since April. Accelerated output growth reportedly stemmed from strengthening demand conditions within the sector.

In line with the aforementioned, new orders increased at a solid pace. Anecdotal evidence suggested that manufacturing firms benefitted from clients wins and higher sales volumes. Similarly, accelerated growth in overseas demand was recorded.

The survey also showed that the services PMI improved from 50.2 in August to 50.4 in September, while the composite PMI rose from 50.2 to 50.8.

The service sector, though expanding more quickly than in August, saw activity rise only marginally with activity and new business growth rates remaining below the historical averages. Panel members frequently mentioned weaker demand conditions following recent interest rate hikes and sustained inflationary pressures.

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