Australia Manufacturing Sector Accelerates In March - S&P Global

(RTTNews) - The manufacturing sector in Australia continued to expand in March, and at a faster pace, the latest survey from S&P Global revealed on Tuesday with a manufacturing PMI score of 52.1.

That's up from 50.4 in February and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

Contributing to the increase in the headline index was manufacturing production, which also expanded at the most pronounced pace since October 2022. The latest acceleration in output growth was driven by rising new business inflows and increased capacity. Australian manufacturers reported receiving new orders at the fastest rate in 28 months.

Better domestic economic conditions, marketing promotions and client restocking underpinned the growth in new work, according to panelists. However, firms reported a renewed fall in export orders, reflective of subdued external conditions.