June 1, 2021
The May result represents the index’s highest monthly result since March 2018 and the fourth highest since the Australian PMI commenced in 1992 (readings above 50 points indicate expansion in activity, with higher results indicating a faster rate of expansion). All six manufacturing sectors in the Australian PMI expanded in May and at a faster pace than in April. The strongest results were in the sectors that directly supply the construction sector, including building materials (up 3.8 points to 66.4), machinery & equipment (up 0.2 points to 64.7) and chemicals (up 2.1 points to 65.7). Six of the seven activity indices in the Australian PMI expanded, with only the exports index indicating a contraction (down 9.9 points to 48.9). Production (up 0.9 points to 64.5), employment (up 3.3 points to 61.3) and new orders (up 1.5 points to 64.9) accelerated into very strong expansion. “Australia’s manufacturing sector maintained its rapid pace of expansion in May fuelled…