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Financial News: Australia Manufacturing PMI Sinks To 46.8 In Match

Australia Manufacturing PMI Sinks To 46.8 In Match - Judo Bank

03/20/2024 - 18:38:00 (RTTNews)

(RTTNews) - The manufacturing sector in Australia continued to contract in March, the latest survey from Judo Bank revealed on Thursday with a manufacturing PMI score of 46.8.

That's down from 47.8 in February, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.

A sharper decline in new orders for goods led to output falling at a marked place at the end of the first quarter. Consequently, goods producers shed staff at a quicker rate while simultaneously reducing their purchases and inventory holdings. Price pressures eased with both input cost and output price inflation rates easing in the latest survey period and staying subdued.

The survey also showed that the services PMI improved to 53.5 in March from 53.1 in February.

Sustained new business growth, underpinned by rising queries and improving underlying demand conditions, supported business activity growth in March. Employment growth was also maintained at the end of the first quarter.

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