(RTTNews) - The manufacturing sector in Australia continued to expand in August, albeit at a slower pace, the latest survey from S&P Global revealed on Thursday with a manufacturing PMI score of 53.8.
That's down from 55.7 in July, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.
Manufacturing production expanded for a seventh consecutive month in August amid reports of reductions in staff absenteeism and sales growth. That said, the rate of increase was mild overall and the slowest in three months.
Meanwhile, growth in new orders was solid but eased to a seven-month low. Inflationary pressures and a general lack of consumer confidence reportedly contributed to the weaker upturn. August data similarly signaled a softer expansion in foreign demand.
