Australia's manufacturing sector has experienced a marginal uptick, according to the latest data from Judo Bank. The Manufacturing Purchasing Managers' Index (PMI) inched up to 49.7 in June, a slight increase from the previous month's reading of 49.6. The updated figures were released on June 2, 2024.
Despite the rise, the PMI remains below the critical 50.0 threshold that separates expansion from contraction. Although the increase is modest, it suggests that the sector is cautiously moving towards stabilization after a period of decline.
Economists are viewing this gradual improvement positively, noting that even slight gains can be significant in indicating underlying resilience in the manufacturing industry. Analysts will be closely watching future PMI readings to see if this positive trend continues and eventually crosses the expansionary threshold.
