Australian manufacturing PMI eased in October. | So Good News
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The manufacturing sector in Australia continued to expand in October, albeit at a slower pace, the latest survey from S&P Global showed on Tuesday with a manufacturing PMI score of 52.7.
That’s still above the 50 boom-or-bust line that separates expansion from contraction, but it’s down from 53.5 in September.
Output in Australia’s manufacturing sector rose for the ninth consecutive month in October, driven by a rise in underlying demand. It was also reported that improvements in plant efficiency contributed to the expansion of yield strength. Both new orders and production were said to have increased to weak levels in October.
Foreign demand also expanded at a slower rate. Firms continued to expand their workforce capacity amid generally higher demand and production. Despite the slow pace of employment growth, survey respondents said they are facing difficulties in finding skilled workers.
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