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Financial News: Australia Manufacturing PMI Slows In May - S&P

Australia Manufacturing PMI Slows In May - S&P Global

05/31/2022 - 19:15:00 (RTTNews)

(RTTNews) - The manufacturing sector in Australia continued to expand in May, albeit at a slower pace, the latest survey from S&P Global revealed on Wednesday with a manufacturing PMI score of 55.7.

That's down from 58.8 in April, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

Manufacturing production continued to expand in May though the rate of expansion paled in comparison to April amid supply and flooding issues affecting production according to panelists. Overall new orders continued to expand, supported by better market conditions.

Foreign demand contracted in May, however, weighed down by the effects of higher costs of shipping, the Ukraine war and COVID-19 disruptions in China. Higher demand nevertheless drove Australian manufacturers to expand their workforce capacity in May though some firms continued to experience difficulties in hiring.

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