FX.co ★ Australia Factory Activity Swings to Expansion

The S&P Global Australia Manufacturing PMI experienced an upswing in November, climbing to 51.6 from October's 49.7, which indicates a return to expansion after the previous month's contraction. This growth was bolstered by a rise in new orders for goods, attributed to successful new product launches and increased demand domestically, even though export demand declined due to the persistently subdued global market conditions. Business confidence reached its highest point in five months, with firms expecting better output trends, driven by business expansion strategies and a resilient domestic market. Meanwhile, the increase in manufacturing input prices slowed down, despite worsening supply chain pressures and significant deterioration in vendor performance. Companies maintained only limited pricing power, with the rise in goods selling prices reaching its lowest rate in a year.