Australia Manufacturing Activity Strengthens In February

(RTTNews) - Australia's manufacturing activity strengthened with new orders rising for the first time since November 2022, final survey results from S&P Global showed on Monday.

The final manufacturing Purchasing Managers' Index registered 50.4 in February, up from 50.2 in January. The flash reading was 50.6.

The score signaled second consecutive expansion in the manufacturing sector. Moreover, the index suggested the strongest growth in activity since February 2023.

Underpinned by higher export orders, new orders returned to growth. Despite the growth in new orders, manufacturing output declined in February.

There was a marginal decline in employment levels in February. Purchasing activity also decreased, lengthening the period of decline to nearly two-and-a-half years.

Input prices continued to increase on higher raw material, energy and shipping costs. Manufacturers raised their selling prices but the rate of inflation was the lowest since last November.

Confidence among manufacturers remained positive in February. The level of confidence was the highest since April 2022.