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Financial News: Australia Manufacturing Sector Accelerates In November - M

Australia Manufacturing Sector Accelerates In November - Markit

11/22/2021 - 17:25:00 (RTTNews)

(RTTNews) - The manufacturing sector in Australia continued to expand in November, and at a faster pace, the latest survey from Markit Economics showed on Tuesday with a manufacturing PMI score of 58.5.

That's up from 58.2 in October and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

Growth of manufacturing output and new orders accelerated in November amid reports of a further reopening of the Australian economy while market confidence improved alongside better COVID-19 conditions. As a result, employment levels and buying activity continued to expand.

The report also showed that the services PMI improved from 51.8 to 55.0 and the composite index also rose to 55.0 from 52.1 in October.

A further easing of COVID-19 restrictions in Australia enabled service sector business activity to grow at the fastest rate since June. Growth of new business also accelerated to the fastest pace in five months, with the easing of restrictions unleashing some pent-up demand.

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