RTTNews | Jan 31, 2022 08:11PM EST

20:10 Monday, January 31, 2022 (RTTNews.com) - The manufacturing sector in Australia continued to expand in January, albeit at a slower pace, the latest survey from Markit Economics showed on Tuesday with a manufacturing PMI score of 55.1.

That's down from 57.7 in December, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

This marks the twentieth straight month in which the sector grew, though the rate of expansion fell to a five-month low.

Manufacturing output contracted for the first time in five months even as demand continued to rise in January. According to panelists, the COVID-19 Omicron wave added to existing supply and labor challenges, hampering production. Foreign demand was also adversely affected, declining at the start of 2022.

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