Australian March final Manufacturing PMI 47.3 (prior 47.8)

The Manufacturing PMI for March 2024 for Australia via S&P Global / Judo Bank:


  • the preliminary was 46.8 while the previous month’s (February) was 47.8
  • new orders fell at the equal fastest rate since May 2020
  • rates of inflation reported eased back

From the report:

  • the latest PMI survey suggests little cyclical recovery
    is imminent
  • Manufacturing PMI weakened
    further in March to a cyclical low of 47.3
  • output and new
    orders indexes holding near cyclical lows
  • the employment index in the manufacturing sector fell to a
    new cyclical low and was well below the 50.0 index level
  • stretched
    supplier delivery times in 2024 likely reflect shipping disruptions
    in the Middle East
  • cost pressures eased slightly in March, although they are still
    elevated compared to the pre-pandemic period
  • output prices index fell to a cyclical low point consistent
    with very little goods inflation across the Australian economy

Not a good report

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