Australia Manufacturing Sector Picks Up Steam In July - S&P Global
(RTTNews) - The manufacturing sector in Australia continued to expand in July, and at a faster rate, the latest survey from S&P Global revealed on Monday with a manufacturing PMI score of 52.0.
That's up from 51.5 in June, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
Overall business conditions were boosted by renewed expansions in both output and new orders as the second half of the year got underway. Production growth was recorded for the first time in six months, linked to a first increase in new orders since February.
In both cases, however, rates of growth were only marginal amid muted demand and inflationary pressures. Meanwhile, rising prices and competition for new work led to a renewed fall in new export orders following a slight rise in the previous month.
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