Economic Buzz: Australia Manufacturing PMI At 55.7 In July

1 Aug 2022 , 01:39 PM

The manufacturing sector in Australia continued to expand in July, albeit at a slower pace, the latest survey from S&P Global revealed with a manufacturing PMI score of 55.7. Thats down from 56.2 in June, although it remains above the boom-or-bust line of 50 that separates expansion from contraction. July data pointed to a sixth month of expansion in production across Australias manufacturing sector. Survey respondents attributed growth to strong overall demand as well as additional shifts being worked. That said, the rate of expansion was unchanged from June. Order book volumes increased for an eleventh consecutive month and at the quickest rate since April Concurrently, growth in new export orders was solid overall and the sharpest since last October.Powered by Commodity Insights