S&P Global / Judo Bank Australian Manufacturing PMI for July 2024
- prior 47.2, preliminary 47.4
From the report, key findings:
- Manufacturing output decline accelerates amid falling new orders
- Export orders contract at fastest pace in four years
- Job shedding unfolds at quickest rate since June 2020
In summary:
- Output and new orders are at cyclical low levels, indicating a slowdown in manufacturing.
- Employment index below 50 suggests job shedding, potentially due to structural changes.
- Input prices remain stable but elevated
- Output price inflation is low, aligning with RBA's inflation target.
- Low inventory levels reflect caution in production.
