Judo Bank / S&P Global for September 2024
46.7
- prior 48.7
- flash was 46.7
In summary from the report:
- Manufacturing sector weakened to cyclical lows through September.
- Demand is soft, with elevated business cost pressures.
- Manufacturing PMI index at lowest since 2016, excluding the pandemic start.
- Output and new orders are significantly below the neutral level of 50.
- Sector has been in contraction for eight months, with reduced employment (index averaging 47.9).
- Input and output price pressures back to pre-pandemic averages, but margin pressures remain significant.
- Supply chain issues persist, with delivery times below pre-pandemic levels for three months.
- Business expectations for the next 12 months remain optimistic but below pre-pandemic averages.
- Challenging conditions in late 2024, influenced by weak construction activity and soft consumer markets.
- Some improvement may come from household stimulus and population growth, but overall conditions remain subdued.
