The Manufacturing PMI for March 2024 for Australia via S&P Global / Judo Bank:
47.3
- the preliminary was 46.8 while the previous month's (February) was 47.8
- new orders fell at the equal fastest rate since May 2020
- rates of inflation reported eased back
From the report:
- the latest PMI survey suggests little cyclical recovery is imminent
- Manufacturing PMI weakened further in March to a cyclical low of 47.3
- output and new orders indexes holding near cyclical lows
- the employment index in the manufacturing sector fell to a new cyclical low and was well below the 50.0 index level
- stretched supplier delivery times in 2024 likely reflect shipping disruptions in the Middle East
- cost pressures eased slightly in March, although they are still elevated compared to the pre-pandemic period
- output prices index fell to a cyclical low point consistent with very little goods inflation across the Australian economy
Not a good report