Australia Manufacturing PMI Improves To 49.7 - S&P Global
(RTTNews) - The manufacturing sector in Australia continued to contract in October, albeit at a slightly slower pace, the latest survey from S&P Global revealed on Friday with a manufacturing PMI score of 49.7.
That's up marginally from 49.6 in September, and it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.
The services PMI dropped to 47.8 in October from 51.9 in September, while the composite PMI fell to 47.7 from 51.3.
Central to the latest decline in output was a softening of overall demand growth to a near-neutral level. The weaker rise in new business reflected a steeper reduction in goods new orders and a slowdown in services new business growth. Anecdotal evidence suggested that both manufacturers and service providers saw demand negatively affected by a lack of market confidence, rising borrowing costs and general inflationary pressures at the start of the fourth quarter.
Overseas demand was broadly unchanged as well, though this reflected an improvement from the modest decline in September with manufacturers reporting a less aggravated reduction in new export orders.
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