Financial News: Australia Manufacturing PMI Sinks Further Into Contraction

Australia Manufacturing PMI Sinks Further Into Contraction - Judo Bank

04/30/2023 - 19:33:00 (RTTNews)

(RTTNews) - The manufacturing sector in Australia continued to contract in April, and at a faster rate, the latest survey from Judo Bank revealed on Monday with a 35-month low manufacturing PMI score of 48.0.

That's down from 49.1 in March and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.

Demand for Australian manufactured goods fell further in April. New orders declined for the fifth month running, and at the fastest rate since August 2021. Survey respondents commented on broad-based economic weakness, driven in part by high interest rates. There were also reports of subsequent financial pressures at customers, which also reflected high prices. This led to smaller orders and longer approval processes at clients.

New export orders also contracted for the fifth month running, and at the fastest pace since August 2020. Panelists commented that global market demand remained subdued. The ongoing deterioration in new order inflows was reflected in a fifth straight monthly contraction in output in April.

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