Australian manufacturing PMI crosses into growth territory

January 24, 2024 11:42 AM AEDT | By Investing

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Australian manufacturing PMI crosses into growth territory

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Investing.com - Australia's manufacturing sector moved into expansion territory in January, according to the latest survey from Judo Bank. The manufacturing Purchasing Managers' Index score reached 50.3, up from 47.6 in December, surpassing the crucial 50-point threshold that distinguishes expansion from contraction.

The rise in the headline PMI index was supported by a significant deterioration in lead times. Suppliers' delivery times have extended to their longest since August 2022 due to reported shipping delays caused by port congestions and conflicts in the Middle East.

The services PMI also experienced an uptick, improving to 47.9 in January from 47.1 in December, while the composite index rose to 48.1 from 46.9.

Although incoming new business continued to decline at the start of the year, the rate of contraction has eased to its slowest since the onset of decreasing new orders in October last year. The latest change was bolstered by softer new business declines in both the manufacturing and service sectors. A similar trend was observed for foreign demand, as new export business experienced only a slight decrease in January.

This article first appeared in Investing.com

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