The manufacturing sector in Australia continued to expand in April, and at a faster pace, the latest survey from Markit Economics revealed on Monday with a survey record manufacturing PMI score of 59.7.
That’s up from 56.8 in March and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
New order growth was at a fresh survey high, with output rising at a pace only just shy of the record seen in December 2016. Recovery from COVID-19 lockdowns and government support reportedly supported the growth in demand, while renewed orders from existing customers had also helped to boost workloads.
Suppliers’ delivery times continued to lengthen at a severe rate in April, although the instances of delays moderated slightly and were the least pronounced since July last year. Supply chain constraints coupled with the increase in demand led to the sharpest rise in backlogs of work since December 2017.
The material has been provided by InstaForex Company – www.instaforex.com