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Australia's Manufacturing Sector Gathers Momentum

Australia’s manufacturing sector recovery gained momentum in July, final data from IHS Markit showed Monday.

The Commonwealth Bank manufacturing Purchasing Managers’ Index rose to 54.0 in July from 51.2 in June. A score above 50 indicates expansion.

This was the highest score since December 2018. The flash reading was 53.4.

Production volumes advanced for the first time in nearly a year and at a pace not seen since November 2018. At the same time, total new orders improved for the first time in ten months in July.

Data showed that firms stepped up their purchasing activity and business confidence remained positive.

However, employment continued to be reduced despite a rise in backlogs of work. Meanwhile, prices signaled weakened inflationary pressures, with input prices and output charges increasing at slower rates.

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