The manufacturing sector in Australia experienced a further contraction in September, with an accelerated decline, according to the latest survey from Jufo Bank. The manufacturing PMI score dropped to 46.7.
This marks a decrease from 48.5 in August, moving further below the critical 50-point threshold that demarcates expansion from contraction.
New orders and production registered their steepest declines in 52 months, driven by weakening demand conditions. External demand also saw a downturn, as export orders returned to a contraction phase in September.
Additionally, the survey indicated that the services PMI fell to 50.6 in September, down from 52.5 in August.
The growth rate of services activity slowed alongside new business, which increased at a more modest pace. Export business declined for the third time in four months, though this decrease was marginal.
The composite index also decreased, falling to 49.8 from 51.7 the previous month.
