Australian March final Manufacturing PMI 47.3 (prior 47.8)

The Manufacturing PMI for March 2024 for Australia via S&P Global / Judo Bank:

47.3

• the preliminary was 46.8 while the previous month’s (February) was 47.8
• new orders fell at the equal fastest rate since May 2020
• rates of inflation reported eased back

From the report:

• the latest PMI survey suggests little cyclical recovery
  is imminent
• Manufacturing PMI weakened
  further in March to a cyclical low of 47.3
• output and new
  orders indexes holding near cyclical lows
• the employment index in the manufacturing sector fell to a
  new cyclical low and was well below the 50.0 index level
• stretched
  supplier delivery times in 2024 likely reflect shipping disruptions
  in the Middle East
• cost pressures eased slightly in March, although they are still
  elevated compared to the pre-pandemic period
• output prices index fell to a cyclical low point consistent
  with very little goods inflation across the Australian economy

Not a good report

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