Australia's 2nd Manufacturing PMI for November comes in at 51.3 (prior 52.7)

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Australia's 2nd Manufacturing PMI for November comes in at 51.3 (prior 52.7)

<p>Earlier was the AIG Manufacturing PMI, much weaker:</p><ul><li><a href="https://www.forexlive.com/news/australia-manufacturing-pmi-for-november-447-prior-496-20221130/" target="_blank" rel="follow" data-article-link="true">Australia manufacturing PMI for November 44.7 (prior 49.6)</a></li></ul><p>The Markit / S&P Global Australia Manufacturing Purchasing Manager's Index posted 51.3 in November, down from 52.7 in October.</p><p>That's quite a stark difference between the two. Of course they are two separate surveys, but still, one is in expansion and the other in deep, deep contraction. At least they both moved in the same direction in November (i.e lower). </p><p>Comments from the Markit?s&P report:</p><ul><li>"Against a backdrop of tightening monetary policy and
a challenging global macroeconomic environment, the
latest November Australia Manufacturing PMI revealed
that the manufacturing sector further moderated its
growth pace in November. Both sales and output rose at
weaker rates, whilst employment growth softened.
</li><li>"Business sentiment was also affected by a double
whammy of rising costs and supply issues, adding to
fears that we may see further slowdowns unless there is
a material improvement in demand.
</li><li>"More positively, however, price pressures within the
goods-producing sector did ease over the month, with
both input cost and output price inflation at multimonth lows in November."</li></ul><p>The Reserve Bank of Australia are meting next week, December 6. A 25bp rate hike is expected. </p>

                This article was written by Eamonn Sheridan at forexlive.com.

Source: Australia's 2nd Manufacturing PMI for November comes in at 51.3 (prior 52.7)

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