Australia (final) Markit Manufacturing PMI rises to 57.7

S&P Global Manufacturing PMI Final for March 2022:

• The preliminary reading for this was 57.3
• The February reading was 57.0

Commentary from the report:

• “Manufacturing sector growth improved in March according to the latest S&P Global Australia Manufacturing PMI, supported by robust demand conditions. Despite a renewed rise in COVID-19 cases and domestic flooding disruptions, manufacturing production remained resilient.
• “That said, supply constraints became more profound in March with the deterioration in vendor performance and both manpower and input shortages reported. The negative consequences of the Ukraine war also showed up across both price and delivery times indicators.
• “Supply issues may also be further aggravated going forward with interests amongst manufacturers to build safety stock, which is a trend worth watching. Overall sentiment remained positive, but sunk to the lowest since July 2021.”

Also, this on price pressures:

• On prices, both input cost and output prices rose in March with the rate of output price inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term accelerating to a survey record. Australian manufacturers reported facing higher input costs as a result of supply constraints and the Ukraine war, thereby sharing these cost burdens with their clients.

Supply constraints, manufacturing inputs and labour, along with price pressures are recurring themes in these PMI, and other, reports.

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We have had one manufacturing PMI for March in Australia released already today: