S&P Global: Australia’s manufacturing sector posts 46.7 in Sep. ’24

Australia’s manufacturing sector continued to contract in September 2024, marking the eighth consecutive month of decline. The Judo Bank Flash Australia Manufacturing PMI posted 46.7 in September, down from 48.5 in August.

The rate of deterioration in the manufacturing sector accelerated to the fastest pace since May 2020. New orders and production also fell at the fastest rates in 52 months, driven by softening demand conditions, including a decline in export orders.

Australian manufacturers reduced their purchases and inventories in response to falling new orders. Headcounts also declined for the fourth straight month as there was less pressure on capacity.

While average input costs and output prices continued to rise, the rates of increase were slower compared to August. This was partially due to lower costs for input materials like steel and grains.

Attribution: S&P Global PMI report

Subediting: M. S. Salama