We had the flash reading for this back in mid-December:
Its come in at 50.2 in the 'final' reading.
The commentary/analysis in the report, hitting pertinent themses on supply chian pressure, labour supply pressure, and resultant inflation price pressure:
- Australia’s manufacturing sector is slowing down in line with the global trend for weaker manufacturing activity over the second half of 2022, although Australia is holding up better than the US, Europe and Japan.
- output index fell into contraction, at 49.2,
- new orders fell to 49.7
- A further slowdown in global and local economic activity is likely to be a headwind for the manufacturing sector in early 2023.
- The domestic supply chain is getting back to normal over the second half of 2022 following almost two years of stresses and strains. Supplier delivery times have shortened since the middle of the year, while the backlog of work has fallen sharply over the past six months and is now below the 50 level for the first time in over two years.
- Supply chain price pressures have also eased considerably with further improvement in December. Input prices are growing at the slowest pace since December 2020 and are now back to pre-COVID levels. Output prices have also moderated, but to a lesser extent, suggesting some margin rebuild is holding up the pass through of softer input costs to final prices.
- Labour demand remains robust and continues to expand despite the overall weaker trend in activity for manufacturing. The employment index at 51.6 is the lowest in more than two years, and has gradually declined from the high point of 55.8 in early 2021.
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Earlier we had the other manufacturing PMI from Australia: