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Australian final manufacturing PMI for June plunges further into contraction @ 47.2

Started by forex4you, Jul 01, 2024, 06:12 am

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Australian final manufacturing PMI for June plunges further into contraction @ 47.2

The final June reading is 47.2, the lowest in 3 months and the fifth month in a row in contraction

Some of the comments from the report:

  • manufacturing
    sector's key activity indicators have softened to the cyclical
    lows seen earlier in the year
  • Manufacturers are marginally
    scaling back production through reduced headcounts
    and inventories in response to prolonged difficult trading
    conditions in the sector
  • employment index dipped back below the neutral level.
    Manufacturers, on average, have been gradually reducing
    headcounts throughout 2024
  • margin
    pressures in the manufacturing sector appear to be picking
    up. The input price index climbed significantly to 58.4 in June,
    which, while slightly down on the prior month, is above the
    average reading of 56.0 seen over the first four months of
    the year. The rise in input price pressures doesn't appear to
    have been passed onto consumers, with the output price
    index remaining subdued at cyclical lows in June.

Ugly results from this survey continue. After last week's ... well, ugly CPI:

the prospects of another Reserve Bank of Australia interest rate hike loom:

The next RBA meeting is on 5-6 August. We get official, quarterly, CPI data on July 31 ahead of that. The CPI data I just quoted above is the monthly reading for May 2024. The monthly CPI data from Australia does not show all components of the CPI, that'll have to wait for the quarterly data release.



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

Source: Australian final manufacturing PMI for June plunges further into contraction @ 47.2

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