Financial News: Australia Manufacturing PMI Slips Into Contraction - S&P

Australia Manufacturing PMI Slips Into Contraction - S&P Global

(RTTNews) - The manufacturing sector in Australia fell into contraction territory in October, the latest survey from S&P Global revealed on Monday with a Performance of Manufacturing Index score of 49.7.

That's down from 51.4 in September, and it falls beneath the boom-or-bust line of 50 that separates expansion from contraction.

Central to the latest contraction of the manufacturing sector was worsening demand conditions. Incoming new orders fell at the quickest pace in ten months amid reports of weakening market conditions and adequate stock holdings at clients. New orders from abroad also declined in October, notably from other Asia-Pacific markets, according to panelists.

As a result of falling demand, Australia's goods production contracted for the first time since June. Lower new work inflows also spurred the first reduction in headcounts in eight months. Job shedding was also partly attributed to the absence of capacity pressures as the level of unfinished orders further receded in October.

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