Australia’s manufacturing PMI falls to 46.6 in October – Judo Bank | 24.10.24

(RTTNews) – Australia’s manufacturing sector continued to shrink in October, at a slightly faster pace, Judo Bank’s latest survey showed on Thursday with a manufacturing PMI score of 46.6.

That’s down from 46.7 in September, and moves further below the boom-or-bust line of 50, which separates expansion from contraction.

Subdued market conditions and weak underlying demand for goods saw new orders for Australian industrial goods fall sharply at the start of the fourth quarter. This led to another sharp decline in production, the fastest in 53 months.

The survey also showed that the services PMI rose to 50.6 in October from 50.5 in September.

Incoming new production grew faster in October, boosting activity in the services sector. Improvements in domestic demand supported new business growth, while exports contracted at a steeper pace in October.

The composite index improved from 49.6 in September to 49.8 in October.

The near stabilization of private sector output again masked differences between sectors, as a faster contraction in industrial production more than offset a faster increase in services activity.