Judo Bank / S&P Global final manufacturing PMI for October 2024 in Australia comes in at 47.3. Another month in contraction.
- prior 46.7
- the preliminary was 46.6
In summary from the report:
- Trading Conditions: Improved toward the end of October but remain weak historically, with gradual headcount reductions continuing.
- Output & New Orders: Increased slightly from previous lows, showing improvement compared to September; decline in output has stabilized.
- Household Stimulus Impact: Not benefiting local manufacturers significantly; services sector remains resilient in contrast.
- Exports: Subdued, with New Export Orders at low levels similar to the early pandemic.
- Employment: Manufacturing employment has mostly declined monthly throughout 2024, unlike high demand in the services sector.
- Pricing: Output prices rose to a five-month high, indicating possible domestic goods inflation above the RBA's target.
- Input Costs: Fell to pre-pandemic levels, easing margin pressures and improving operating margins.
- Business Confidence: Future activity index is above neutral, showing positive outlook but with optimism at its lowest since 2016, despite slight improvement from mid-year lows.
