Home Market News Australia's manufacturing PMI falls to 48.2, lowest in four months

Australia's manufacturing PMI falls to 48.2, lowest in four months

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Australia's manufacturing PMI falls to 48.2, lowest in four months
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The Judo Bank Flash Australia Manufacturing Purchasing Managers’ Index (PMI) dropped to 48.2 in September 2023, down from 49.6 in the previous month according to preliminary estimates. This is the lowest reading in four months and indicates a continued decline in business conditions within the manufacturing sector.

A decline in new orders contributed to a contraction in manufacturing output for the tenth consecutive month in September.

In contrast, the Judo Bank Australia Services PMI, also based on preliminary estimates, increased to 50.5 in September 2023 from 49.6 the previous month. This indicates the highest reading since May and suggests a rise in services activity due to an increase in incoming new business, including business from abroad. As a result, employment levels in the services sector grew at a faster rate.

Furthermore, the Judo Bank Australia Composite PMI, based on flash estimates, rose to 50.2 in September 2023 from 48 in the previous month.

ETFs: (EWA), (FXA), (FLAU).

Currency: (USD:AUD)