The manufacturing sector in Australia continued to contract in March, and at a faster pace, the latest survey from Judo Bank revealed on Tuesday with a manufacturing PMI score of 47.3.
That's down from 47.8 in February, and it moved further beneath the boom-or-bust line of 50 that separates expansion from contraction.
Incoming new orders for Australian manufactured goods declined for a sixteenth successive month in March. Additionally, the pace of decline was sharp and the joint-fastest since the height of the pandemic in May 2020 (matched only by November 2023). This was attributed to elevated interest rates and subdued economic conditions according to panelists. New export orders likewise depleted in March, but at only a modest pace.
The reduction in new work resulted in lower output in March. Nonetheless, despite firms further cleared their level of outstanding work. Shrinking capacity requirements led employment levels to fall in March, contrasting with the long-run trend of growth. Furthermore, the rate of job shedding was the fastest since June 2020.
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