Australian July Manufacturing PMI (final) 47.5 (prior 47.2)

S&P Global / Judo Bank Australian Manufacturing PMI for July 2024

• prior 47.2, preliminary 47.4

From the report, key findings:

• Manufacturing output decline accelerates amid
  falling new orders
• Export orders contract at fastest pace in four years
• Job shedding unfolds at quickest rate since June 2020

In summary:

• Output and new orders are at cyclical low levels, indicating a slowdown in manufacturing.
• Employment index below 50 suggests job shedding, potentially due to structural changes.
• Input prices remain stable but elevated
• Output price inflation is low, aligning with RBA’s inflation target.
• Low inventory levels reflect caution in production.

This article was written by Eamonn Sheridan at www.forexlive.com.