The final for the Judo Bank / Markit manufacturing purchasing managers' indexes (PMI) in March 2023.
The preliminary and prior for this indicator are here:
more to come
The RBA meet tomorrow, their rate hikes are weighing on economic activity.
In summary from the report:
Warren Hogan, Chief Economic Advisor at Judo Bank said:
- “Supply chains appear to be functioning well across the Australian manufacturing sector with supplier delivery times, and the backlog of work and inventory levels are all near what should be considered normal levels.
- “Price pressures continue to ease
- “Lower input costs are translating into lower output (final) prices, although the pace of decline of the output price index has not matched the fall in the input price index over the last six months.
- “Labour demand remains strong
- “The Manufacturing PMI survey is further evidence that the stresses and strains placed on the global manufacturing complex through the pandemic are now mostly a thing of the past. This is facilitating more normal business conditions and an easing of inflation pressures. This should continue to flow through to consumer goods prices in 2023 and play an important role in bringing overall inflation down in Australia.”