The manufacturing sector in Australia continued to expand in March, and at a faster pace, the latest survey from S&P Global showed on Thursday with a manufacturing PMI score of 57.3.
That’s up from 57.0 in February and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
Manufacturing production rose as new order growth accelerated in March. Firms reported that the lessening of COVID-19 disruptions led to an increase in demand. In turn, employment levels and purchasing activity continued to rise in March, contributing to higher stocks of purchase. The survey also showed that the services PMI climbed to 57.9 from 57.4 and the composite PMI improved to 57.1 from 56.6.
New service export business returned to growth in March as travel restrictions eased, so providers hired at a faster rate. Input costs and output inflation surged to record rates.