Australia Manufacturing PMI Slips To 48.2 In June - Judo Bank
(RTTNews) - The manufacturing sector in Australia continued to contract in June, and at a faster pace, the latest survey from Judo Bank revealed on Monday with a manufacturing PMI score of 48.2.
That's down from 48.4 in May and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.
Incoming new orders for Australian manufactured goods declined again in June on the back of weak underlying demand and pressure on client budgets from higher interest rates. The pace of decline was sharp and among the fastest in the current seven-month sequence of contraction. Foreign sales likewise fell and at a pace comparable to total new orders.
As a result of the fall in overall new work, lower output was recorded within the manufacturing sector at mid-year. Firms were also able to clear their backlogs at one of the fastest rates on record in June. Concurrently, buying activity was reduced in tandem with the fall in order book volumes. This led to lower levels of pre-production inventory holdings, though firms were also keen to reduce their stocks in the current climate of deteriorating demand.
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