Australia's manufacturing PMI fell to 47.3 in March, its steepest decline since May 2020, due to high interest rates and subdued economic conditions.
Australia's manufacturing sector contracted further in March with a PMI score of 47.3, down from 47.8 in February. This is the steepest decline since May 2020, attributed to elevated interest rates and subdued economic conditions. Incoming new orders for Australian manufactured goods have declined for 16 months in a row, with employment levels falling due to shrinking capacity requirements.
April 01, 2024
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