S&P Global: Australia’s manufacturing sector slows in Nov. ’24

S&P Global Australia Manufacturing PMI rose to 49.4 in November 2024 from 47.3 in October, marking the tenth consecutive month of decline, but at a slower pace than in the past six months.

Manufacturing production continued to decline in November 2024 for the second consecutive year due to slower new work inflows. Market conditions remained subdued, leading to decreased demand for Australian manufactured goods.

Business sentiment in the Australian manufacturing sector improved in November, with 43 per cent of respondents optimistic about future output, compared to eight per cent who were pessimistic.

Attribution: S&P Global report

Subediting: M. S. Salama