(RTTNews) - The manufacturing sector in Australia continued to expand in August, albeit at a slower rate, the latest survey from S&P Global showed on Tuesday with a manufacturing PMI score of 54.5.
That's 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. Panelists linked increased output to an uptick in sales and staff returning to work. 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 Australia's private sector economy was primarily a reflection of declining service sector activity, although weaker manufacturing output growth was also recorded.
