The manufacturing sector in Australia continued to expand in June, albeit at a slower pace, the latest survey from Markit Economics revealed on Wednesday with a manufacturing PMI score of 58.4.
That’s down from 60.4 in May, although it remains well above the boom-or-bust line of 50 that separates expansion from contraction.
The survey also showed that the services PMI fell to 56.0 from 58.0 in June and the composite index slipped to 56.1 from 58.0 a month earlier.
Private sector output continued to expand alongside new orders, though growth slowed due to factors such as the heightened COVID-19 restrictions in Victoria and supply bottlenecks.
Demand growth across both the manufacturing and service sectors slowed in the June update. While manufacturing export orders also rose at a slower pace, foreign demand for Australian services was an exception, with the pace of expansion accelerating to the highest since April 2018.