February 3, 2023

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Markit Manufacturing PMI for June 58.6 (final) (prior 60.4)

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Australia – Markit Manufacturing PMI for June (final) 58.6 

Comment from the Markit report:

  • “Australia’s manufacturing sector continued to expand at a strong pace despite some signs of disruption from the Victoria lockdown that lingered into June. 
  • “Supply constraints remained a key theme, evidenced by the stronger-than-average pace of input price and output charge inflation in the manufacturing sector. At the same time, average lead times have shown no signs of improvement and in fact worsened in June according to the latest PMI survey. All of these factor could induce pressure on output if not resolved moving forward. 
  • “Labour shortages could be another limitation for growth, observing the reflections from panel members in Australia manufacturing PMI survey of difficulties in recruiting staff. 
  • “That said, firms are generally more optimistic in June and IHS Markit forecasts the Australian economy to grow 3.6% in 2021.”

 Supply constraints are a constant theme, pretty much right across the globe.  

Earlier, a contrasting result, to a record high this one:

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