Australia Manufacturing PMI Steady At 49.6 In October - S&P Global
(RTTNews) - The manufacturing sector in Australia continued to contract in October, and at a steady pace, the latest survey from S&P Global revealed on Monday with a Performance of Manufacturing Index score of 49.6.
That was unchanged from the September reading, and it remained beneath the boom-or-bust line of 50 that separates expansion from contraction.
In line with the trend for the headline PMI, manufacturing production continued to shrink at a rate unchanged from September. The pace at which output declined was solid, driven by the steepest fall in new orders in almost two years. Qualitative responses to the survey revealed rising prices, higher interest rates and a deterioration in underlying demand as reasons for the decline in new work.
Overseas demand similarly fell for a second successive month, albeit at a slower and only marginal pace in October. The downturn in demand led firms to lower their employment for a second successive month. Though modest, the rate of job shedding was the highest in seven months, driven by both resignations and redundancies.
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