Australia Manufacturing Sector Ebbs In May - S&P Global
(RTTNews) - The manufacturing sector in Australia continued to expand in May, albeit at a slower rate, the latest survey from S&P Global revealed on Monday with a manufacturing PMI score of 50.7.
That's down from 51.3 in April, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.
The headline PMI calculation was heavily influenced by a sharp lengthening of suppliers' delivery times, the index for which is inverted in the PMI calculation to reflect the fact that longer lead times are typically associated with pressure on capacity due to improving demand.
Other indices from the latest survey pointed to deteriorating business conditions midway through the second quarter of the year. Chief among these was new orders, which decreased for the third month running in May and at the steepest pace since last October. Respondents indicated that squeezed client budgets amid sharp price rises and muted demand had been behind the latest fall in new business.
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