20.08.202523:19:19UTC+00Australia Manufacturing PMI at 40-Month High

The S&P Global Australia Manufacturing PMI experienced a notable rise, reaching 52.9 in August compared to 51.3 in July, marking the swiftest growth rate in almost three years. Manufacturing output expanded at its highest rate in 40 months, driven by a solid increase in new orders, as demand conditions improved and customer bases grew. Export demand also increased, with manufacturers reporting new business from markets in the US, Europe, and the Asia-Pacific region. Despite the higher volume of orders, employment within the sector saw a slight decrease, with manufacturers reducing staff numbers for the first time since February. Regarding costs, input prices continued to climb due to increased expenses for materials, shipping, and wages; however, the inflation rate slowed compared to previous months. For the first time in four months, goods producers expanded their input purchases and inventories, reflecting a boost in confidence. Business sentiment improved significantly, with manufacturers displaying the highest level of optimism since April 2022.