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Financial News: Australia Manufacturing Sector Accelerates In November - M

Australia Manufacturing Sector Accelerates In November - Markit

11/30/2021 - 17:10:00 (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 Wednesday with a manufacturing PMI score of 59.2.

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.

This marks the eighteenth straight month in which the sector grew and at the third-fastest rate on record.

A further easing of COVID-19 restrictions boosted market confidence and enabled demand to rise at a stronger pace in November. In turn, production likewise ramped up according to the latest survey results.

New export orders improved as well with COVID-19 restrictions easing abroad, though the rate of growth fell amidst ongoing shipping issues.

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