(RTTNews) - The manufacturing sector in Australia continued to contract in June, and at a faster pace, the latest survey from Judo Bank revealed on Monday with a manufacturing PMI score of 47.2.
That's down from 49.7 in May, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.
This indicated a fifth successive monthly deterioration in manufacturing sector conditions and at the fastest pace since May 2020. Manufacturing production contracted in June amid fewer new orders placed with Australian goods producers.
According to panelists, elevated interest rates and soft market conditions underpinned the latest fall in sales and demand. The pace at which new orders and production declined were both the fastest in three months and especially steep in the case of orders. The fall in total sales appeared to be centered on the domestic market as export orders were broadly unchanged in June.
