Australia Manufacturing PMI Climbs To 58.2 In October - Markit

(RTTNews) - The manufacturing sector in Australia continued to expand in October, and at a faster pace, the latest survey from Markit Economics revealed on Monday with a manufacturing PMI score of 58.2.

That's up from 56.8 in September, and it moved further above the boom-or-bust line of 50 that separates expansion from contraction.

This marks the seventeenth straight month in which the sector grew and at the fastest rate seen since June. Demand and production both expanded at faster rates compared to September.

Manufacturers highlighted the easing of COVID-19 restrictions underpinning the rise in new orders and output. Foreign demand was also no exception, rising in October following September's contraction to the fastest since May.

To meet higher demand and production requirements, Australian manufacturers ramped up their purchasing activity in October. This had led to higher levels of pre-production inventory with some manufacturers reported to be stockpiling to safeguard against shipping delays.