Economic Buzz: Australia Manufacturing PMI Edges Down In September To 53.5

3 Oct 2022 , 12:19 PM

September survey data pointed to a further improvement in the health of Australias manufacturing sector. However, overall growth momentum softened since August amid a slower upturn in employment, a softer deterioration in vendor performance and a renewed contraction in pre-production inventory levels. Conversely, both output and new orders registered accelerated rates of growth amid reports of firmer underlying demand conditions and improvements in factory performance. Meanwhile, inflationary pressures softened as signaled by input price and output cost inflation dipping to 19- and 8-month lows, respectively. The headline seasonally adjusted S&P Global Australia Manufacturing Purchasing Managers Index? (PMI?) posted at 53.5 in September, down from 53.8 in August. The above 50.0 PMI reading was consistent with a twenty-eighth consecutive month of improvement in the overall operating conditions of Australias manufacturing sector. Powered by Commodity Insights