Financial News: Australia Manufacturing Sector Ebbs In June - S&P

Australia Manufacturing Sector Ebbs In June - S&P Global

(RTTNews) - The manufacturing sector in Australia continued to expand in June, albeit at a slower pace, the latest survey from S&P Global showed on Tuesday with a manufacturing PMI score of 50.6.

That's down from 51.0, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

Manufacturing output declined fractionally as incoming new orders fell. Adequate inventory holdings at clients and a deterioration of market conditions led to the first fall in new work in five months, according to panelists. The rate of new order contraction was only marginal, however. In comparison, export orders declined markedly.

Panelists often mentioned that U.S. trade policy was negatively affecting global demand for manufactured goods, including for Australian products. Reflective of the reduction in both new orders and manufacturing output, purchasing activity contracted for a second straight month in June.

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