Markit Manufacturing PMI for October (final) 58.2
Preliminary 57.3
prior 56.8
Earlier manufacturing PMI from Australia:
So, two manufacturing PMIs for October from Australia with diverging results:
- one fell, one rose
However, both remained in expansion.
On average, positive.
From the latter result, the Markit survey:
Commenting on the latest survey results, Jingyi Pan, Economics Associate Director at IHS Markit, said:
- "The easing of COVID-19 restrictions triggered an improvement in manufacturing sector conditions in October according to the latest IHS Markit Australia Manufacturing PMI.
- "The gradual normalisation of economic conditions from a state of widespread lockdowns in Australia had inspired better confidence among manufacturers, as evident across their hiring and purchasing activity, and also measured through the Future Output index which reflects business sentiment.
- "That said, supply constraints remained severe while price pressures and labour issues persisted which remain issues worth monitoring. As demand eases following the post-lockdown surge, the demand-supply imbalance is expected to improve. Until then, the Backlogs of Work Index may remain a good indication to the extent at which capacity constraints are accumulating in the Australian manufacturing sector."
