Economic Buzz: Australia Manufacturing PMI Eases To 54.2 In October

Economic Buzz: Australia Manufacturing PMI Eases To 54.2 In October

Oct 23, 2020 09:10 IST capital market

Australia manufacturing sector continued to expand in October, the latest survey from IHS Markit revealed on Friday with a manufacturing PMI score of 54.2. Thats down from 55.4 in September, although it remains above the boom-or-bust line of 50 that separates expansion from contraction. Services activity rose solidly in October, building on a mild gain in September. Inflows of new work also increased further, though at a pace insufficient to put pressure on capacity in the service sector. Firms consequently reduced their workforces further, but at a rate noticeably slower than in September. The survey also said the services PMI rose to 53.8 from 50.8 last month and the composite PMI came in at 53.6 - up from 51.1.

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