RTTNews | Aug 31, 2021 07:12PM EDT

19:11 Tuesday, August 31, 2021 (RTTNews.com) - The manufacturing sector in Australia continued to expand in August, albeit at a slower pace, the latest report from Markit Economics showed on Wednesday with a manufacturing PMI score of 52.0.

That's down from 56.9 in July, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

Both demand and production fell for the first time since June 2020 as restrictions were extended. Price pressures remained elevated, while supplier delivery times worsened sharply. That said, firms continued to increase their acquisition of inputs and expand workforce numbers amid improved confidence for future performance.

Amid the extension of mobility restrictions, including strict lockdown measures across various Australian states, both manufacturing output and new orders declined for the first time in 14 months and at the fastest rates since May 2020. Foreign demand, however, returned to growth territory.

Read the original article on RTTNews ( https://www.rttnews.com/3222280/australia-manufacturing-pmi-sinks-to-52-0-in-august-markit.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com All Rights Reserved