Australia’s manufacturing sector returned to growth in November.
51.6 in November, strongest since August
- from 49.7 in October
- the November preliminary was 51.6
Remarks from the report:
Jingyi Pan, Economics Associate Director at S&P Global Market Intelligence
“The Australia Manufacturing PMI showed that the goods producing sector returned to growth in the penultimate month of the year. While modest, the pace of improvement was the quickest in three months, driven by fresh increases in both new business and output. “Forward-looking indicators, including the New Orders and Future Output indices, pointed to the likelihood for growth to sustain in the near term. It was also positive to see headcounts rising at a pace among the fastest so far this year.
“Supply conditions remained challenging, however, with goods producers facing the worst lengthening of delivery times since last December amid supply constraints, shipment delays and congestions at ports. That said, prices were not immediately impacted as rates of inflation eased in November.”
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AUD/USD is around 0.6540.
