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Financial News: Australia Manufacturing PMI Steady At 48.0 In May

Australia Manufacturing PMI Steady At 48.0 In May - Judo Bank

05/22/2023 - 19:55:00 (RTTNews)

(RTTNews) - The manufacturing sector in Australia continued to contract in May, and at a steady pace, the latest survey from Judo Bank revealed on Tuesday with a manufacturing PMI score of 48.0.

That's unchanged from the April reading and it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.

Underpinning the latest decline in the health of the manufacturing sector was a persistent reduction in new orders. Foreign demand likewise remained subdued, moderating for a sixth straight month and at a solid pace. In turn, manufacturing production shrank for the sixth month in a row and at the quickest rate in 21 months.

The survey also showed that the services PMI fell from 53.7 in April to 51.8 in May.

Faster new business growth drove the latest rise in services activity, which led firms to further expand their workforce capacity. The rate of employment growth decelerated, however, amid reports of difficulties in acquiring labor.

The composite index slipped from 53.0 in April to 51.2 in May.

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