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Financial News: Australia Manufacturing Sector Moves To Expansion - Judo

Australia Manufacturing Sector Moves To Expansion - Judo Bank

01/31/2024 - 17:42:00 (RTTNews)

(RTTNews) - The manufacturing sector in Australia climbed up into expansion territory in January, the latest survey from Judo Bank revealed on Thursday with a manufacturing PMI score of 50.1.

That's up from 47.6 in December, and it moves above the boom-or-bust line of 50 that separates expansion from contraction.

Manufacturing output fell at a shallower rate in the opening month of the year, supported by a slower decline in new orders, including export orders. Broadly, soft economic conditions and high interest rates continued to dampen demand for goods according to panelists, but to a smaller extent in the latest survey period.

As a result of the reduction in new work intakes, employment levels continued to fall across the Australian manufacturing sector, albeit at a marginal pace.

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