The manufacturing sector in Australia continued to expand in March, and at a faster rate, the latest survey from S&P Global showed on Friday with a manufacturing PMI score of 57.7.
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.
This marked the twenty-second consecutive month in which the sector has grown. Manufacturing production increased during March, supported by even faster demand growth as market demand improved according to panelists.
However, some firms reported that further output expansion had been constrained by issues of manpower and material shortages, in addition to flooding and COVID-19 disruptions in March. Foreign demand remained lackluster, with manufacturers linking the persistent contraction to shipping issues and the Ukraine war.