FX.co ★ Australia Manufacturing PMI Improves To 49.4 In November - Judo Bank

The manufacturing sector in Australia experienced another month of contraction in November, although the rate of contraction has lessened, according to the latest findings from Judo Bank. The manufacturing Purchasing Managers' Index (PMI) increased to 49.4, up from 47.3 in October, yet still below the crucial 50 mark, which distinguishes expansion from contraction.

In addition, the survey highlights a decline in the services PMI, dropping to 49.6 from 51.0 in the previous month. Similarly, the composite PMI decreased to 49.4 in November, from October's figure of 50.2.

The overall decline in business activity was driven by a reduction in services activity, the first in ten months, along with the ongoing contraction in manufacturing. The survey data indicated a slowdown in new business growth within the services sector, which had shown strong growth at the beginning of the fourth quarter, leading to decreased services activity.

In the manufacturing domain, the output has been declining continuously on a monthly basis for two years; however, the most recent decrease was the smallest observed in the past six months.