Australia Manufacturing Sector Ebbs In December - S&P Global
(RTTNews) - The manufacturing sector in Australia continued to expand in December, albeit at a slower pace, the latest survey from S&P Global revealed on Friday with a manufacturing PMI score of 50.4.
That's down from 51.3 in November, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.
Manufacturing output shrank for the first time since January, albeit at a marginal rate. The fall was underpinned by a deterioration in demand conditions with new orders for Australian manufactured goods declining for the first time since August 2021. Supply and manpower constraints were also reported to have limited production.
The survey also showed that the services PMI fell to 46.9 from 47.6 and the composite PMI sank to 47.3 from 48.0.
Demand for Australian services, including foreign demand, declined again in December, leading to a reduction in business activity. Survey respondents frequently linked the corrosion of demand to higher costs of living and interest rates. In turn, employment levels rose at a slower rate in the Australian service sector. Input cost inflation also eased to a ten-month low, though firms were able to pass on cost hikes at a faster rate in December, leading to higher selling price inflation.
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