Australia Manufacturing Sector Falls Into Contraction - Judo Bank
(RTTNews) - The manufacturing sector in Australia slipped into contraction territory in January, the latest survey from Judo Bank revealed on Tuesday with a 32-month low manufacturing PMI score of 49.8.
That's down from 50.2 in December and it falls beneath the boom-or-bust line of 50 that separates expansion from contraction.
Manufacturing output shrank at the start of 2023, attributed by panelists to both weaker demand and supply constraints. Higher interest rates and a deterioration in global economic conditions were reported by survey respondents to have led to lower new orders, including a drop in new export orders.
The survey also showed that Australia's services PMI improved to a three-month high of 48.3, up from 47.3 in December. The composite index also hit a three-month high by improving to 48.2 from 47.5.
Lower output was recorded at the start of 2023, attributed to both softer service activity and lower manufacturing production. The rates of contraction diverged between the two, however, with service sector contraction easing on better demand while manufacturing output shrank faster amid lower new business and supply issues. Overall new orders rose for the first time since September 2022, underpinned by better service sector performance.
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