Australian July Manufacturing PMI (final) 47.5 (prior 47.2)

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Australian July Manufacturing PMI (final) 47.5 (prior 47.2)

S&P Global / Judo Bank Australian Manufacturing PMI for July 2024

• prior 47.2, preliminary 47.4

From the report, key findings:

• Manufacturing output decline accelerates amid
  falling new orders
  
• Export orders contract at fastest pace in four years
  
• Job shedding unfolds at quickest rate since June 2020

In summary:

• Output and new orders are at cyclical low levels, indicating a slowdown in manufacturing.
  
• Employment index below 50 suggests job shedding, potentially due to structural changes.
  
• Input prices remain stable but elevated
• Output price inflation is low, aligning with RBA's inflation target.
  
• Low inventory levels reflect caution in production.

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

Source: Australian July Manufacturing PMI (final) 47.5 (prior 47.2)

forexlive.com