The manufacturing sector in Australia continued to expand in February, albeit at a slower pace, the latest survey from S&P Global revealed on Monday with a manufacturing PMI score of 51.0.
That’s down from 52.3 in January, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.
Better underlying demand conditions, increased marketing and new contract wins led to a fourth monthly expansion in new orders for Australian manufactured goods in February. However, the degree to which new orders expanded was slower than at the start of the year and only marginal overall. This was partly attributed to a loss of foreign demand growth momentum.
A weaker rise in new orders led to a reduction in manufacturing output in February, marking the first decline in four months, though some companies also noted machinery maintenance and upgrades as reasons.
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