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Financial News: Australia Manufacturing Sector Picks Up Steam In June

Australia Manufacturing Sector Picks Up Steam In June - S&P Global

06/30/2022 - 19:16:00 (RTTNews)

(RTTNews) - The manufacturing sector in Australia continued to expand in June, the latest survey from S&P Global showed on Friday with a manufacturing PMI score of 56.2.

That's up from 55.7 in May and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

This signaled a twenty-fifth consecutive month in which the PMI has printed above the 50.0 neutral threshold, signaling a sustained improvement in the health of the Australian manufacturing sector.

Supporting the PMI was a solid increase in output. Panelists largely associated the uptick with higher new order intakes as a result of firmer domestic and foreign demand conditions.

Notably, the rate of new order growth accelerated to a solid pace, with the latest uptick extending the current sequence of order book expansion to ten months. June data also signaled a renewed upturn in foreign demand amid reports of ongoing recovery from COVID-19 across a number of key export markets.

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