Australia's Judo Bank Purchasing Managers' Index (PMI) showed mixed results In Thursday's session, with an increase in the services sector index and a fall in the manufacturing PMI.
Judo Bank March Manufacturing PMI fell to 46.8 pointsafter 47.8 the previous month, while the services component rose to 53.5 points from the previous 53.1. Judo Bank March Composite PMI rose to 52.4 from 52.1.
According to Warren Hogan, Chief Economic Advisor at Judo Bank: “In the nine-year history of the survey, this is the largest quarterly increase in the composite output index outside of the two recovery periods in which the economy was locked down during the pandemic. “
Warren added: “The underlying details of the survey highlight that the improvement in business results in 2024 is not uniform across the economy. Manufacturing activity remains weak in early 2024, with Australian manufacturing PMI at a new cyclical low well below 50.0“.
Warren also noted that the underlying details about the Australian manufacturing sector They may be irrelevant to the country's overall economic outlook, with the manufacturing sector making up less than 10% of the Australian economy..
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
