The Australian manufacturing sector experienced a continued contraction in November, though at a reduced rate, according to the recent S&P Global survey. The manufacturing Purchasing Managers' Index (PMI) registered at 49.4. This figure shows an improvement from October's 47.3 but remains under the critical threshold of 50, indicating ongoing contraction as opposed to growth.
Midway through the final quarter of the year, manufacturing production persisted in its downturn, primarily due to weaker inflows of new work. November marked a full two years of ongoing declines in both production output and new orders. Reports indicated that lackluster market conditions have suppressed demand for Australian manufactured products. The drop in both new and export orders was less severe than in October, leading to only a moderate decrease in production output.
