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Financial News: Australia Manufacturing PMI Plummets In April - AiG

Australia Manufacturing PMI Plummets In April - AiG

04/30/2020 - 19:54:00 (RTTNews)

(RTTNews) - The manufacturing sector in Australia fell deep into contraction in April, the latest survey from the Australian Industry Group revealed on Friday with a manufacturing PMI score of 35.8.

That's down sharply from 53.7 in March and it moves well beneath the boom-or-bust line of 50 that separates expansion from contraction as it reflects the damage from the Covid-19 pandemic.

Australian manufacturing contracted at its worst pace since April 2009, marking the largest month-to-month fall in this index in the history of the series.

Manufacturers cited a range of Covid-19 issues in April, with the most prevalent including: no new sales due to shutdowns; major customers cancelling orders; supply chain problems with inter-state freight movements, and delays; and increased prices for raw materials.

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