Economic Buzz: Australia Manufacturing PMI At 54.5 In August

23 Aug 2022 , 12:21 PM

The manufacturing sector in Australia continued to expand in August, albeit at a slower rate, the latest survey from S&P Global showed with a manufacturing PMI score of 54.5. Thats down from 55.7 in July, although it remains above the boom-or-bust line of 50. Manufacturing production expanded in August, extending the current sequence of output growth to seven months. August data also marked a year of sustained growth in new orders amid reports of strong underlying demand for goods. The survey also showed that the services PMI fell into contraction, slipping to a score of 49.6 in August from 50.9 in July. The composite index also slumped to 49.8 from 51.1 a month earlier. The overall decline in Australias private sector economy was primarily a reflection of declining service sector activity, although weaker manufacturing output growth was also recorded.Powered by Commodity Insights