Financial News: Australia Manufacturing PMI Slips To 48.2 In October

Australia Manufacturing PMI Slips To 48.2 In October - Judo Bank

10/31/2023 - 18:27:00 (RTTNews)

(RTTNews) - The manufacturing sector in Australia continued to contract in October, and at a faster pace, the latest survey from Judo Bank revealed on Wednesday with a manufacturing PMI score of 48.2.

That's down from 48.7, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.

Incoming new orders for Australian manufactured goods fell for the eleventh month in a row and at one of the fastest rates on record. This was amid softening economic conditions and shrinking customer bases according to survey respondents. Foreign demand likewise deteriorated at a quicker rate in October as business conditions worsened at key export destinations.

Reflective of the fall in new work, manufacturing production declined in October and at the quickest pace since August 2021. Firms also worked through their existing orders, leading to the most pronounced fall in the level of outstanding work since June.

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