The manufacturing sector in Australia slipped into contraction territory in March, the latest survey from Judo Bank revealed on Monday with a manufacturing PMI core of 49.1.
That's down from 50.5 in February, and it moves beneath the boom-or-bust line of 50 that separates expansion from contraction.
Softer underlying demand conditions and high inflation led in the sharpest fall in incoming new orders since August 2021 at the end of the first quarter. Likewise for foreign sales, a weaker global demand environment resulted in lower international orders in March.
The fall in new exports was the sharpest in over a year. In turn, the level of manufacturing production declined at the fastest pace since January 2022.
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