(RTTNews) - The manufacturing sector in Australia continued to contract in November, and at a faster rate, the latest survey from Judo Bank revealed on Thursday with a manufacturing PMI score of 47.7.
That's down from 48.2 in October and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.
Central to the latest deterioration in conditions was a sustained fall in new orders, including those from abroad. This was attributed to softening underlying demand conditions and high interest rates, according to manufacturers. Output declined at a less pronounced pace, however, as firms worked through existing orders.
The survey also showed that the services PMI slipped to 46.3 in November from 47.9 in October.
This was underpinned by a quicker decline in incoming new business, with new orders from overseas customers also ticking down.
The composite index sank to 46.4 from 47.6 a month earlier.
