(RTTNews) - The manufacturing sector in Australia continued to contract in November, albeit at a slower pace, the latest survey from S&P Global revealed on Monday with a manufacturing PMI score of 49.4.
That's up from 47.3 in October, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.
Manufacturing production remained in contraction midway through the final quarter of the year on the back of slower new work inflows. November marked two complete years of sustained declines in output and new orders.
Anecdotal evidence suggested that subdued market conditions dampened demand for Australian manufactured goods. The rates at which new orders and export orders fell eased from October, however, resulting in only a modest reduction in output.
