The Judo Bank / S&P Global final reading for Australia's April Manufacturing PMI
Comes in at 48.0
- preliminary was 48.1
- prior 49.1
Awful result, extending its one year downtrend further into contraction:
From the commentary to the report, in brief:
- New orders were the weakest component of the PMI in April indicative of further production weakness ahead.
- Exports orders fell in the month and are the weakest they have been since mid-2020.
- Domestic goods demand is also on a softer path after the strength displayed through much of the pandemic years.
Not all bad news:
- We have had further confirmation of a normalisation of supply chains in April, evident since mid-2022. The backlog of work and supplier delivery times have largely returned to normal levels. Input prices have also declined sharply again in April.
- employment in the manufacturing sector remains resilient
