The preliminary for the Judo Bank / S&P Global Manufacturing PMI can be found here:
From the report today:
- “The PMI index, which incorporates a range of sub-indexes to capture the cyclical position of the manufacturing sector was unchanged at 49.6 in August, the strongest since February and pointing to recovery in recent months.
- “The demand for staff across Australia’s manufacturing sector has not abated despite the slowdown in activity earlier in the year. At no point has the employment index dipped below 50 in 2023 so far and is now moving higher in expansionary territory.
- “Australia’s manufacturers are not shedding labour to any great extent and would be expected to add to their staffing levels if a genuine recovery in activity is established into 2024. As we are seeing overseas, the unique element of the current economic cycle appears to be the resilience of labour demand.
- “It is hard to forecast a major slowdown for an economy that continues to generate jobs. Even though the Australian manufacturing sector is treading water in 2023, there are no indications of a major downturn in overall activity which implies very little chance of a broader recession in the economy over the next six months.
- “The price indicators point to on-going cost and inflation pressures in the new financial year.
