Australia Manufacturing Sector Slips Into Contraction - Judo Bank
(RTTNews) - The manufacturing sector in Australia fell into contraction territory in February, the latest survey from Judo Bank revealed on Friday with a PMI score of 47.8.
That's down from 50.1 in January and it slips beneath the boom-or-bust line of 50 that separates expansion from contraction.
Central to the latest downturn in the Australian manufacturing sector was worsening demand conditions. Incoming new orders fell at a sharp pace that was the fastest in three months. Export orders also declined at an accelerated rate compared with January. Anecdotal evidence revealed that soft domestic and external conditions, coupled with elevated interest rates and inflation, dampened demand in the latest survey period.
As a result of reduced new work intakes, manufacturing production levels fell in February and at the fastest pace outside of the pandemic period. This contributed to a reduction in finished goods holdings, despite firms working through their outstanding business at a survey record rate amid a lack of new work inflows.
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