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Manufacturing Sector On Track For “Soft Landing”

AUSTRALIA DATA

The final December Judo Bank manufacturing PMI was revised down 0.2pp to 47.6 to be slightly lower than November’s 47.7. It continues to signal contracting activity in the sector, which is now at the sharpest pace since May 2020, but Judo Bank believes the “industry is on track for a soft landing”. Domestic and foreign demand are weighing on manufacturing but confidence re the year ahead improved but remains below average.

  • Judo Bank reports that manufacturing employment fell in December through both redundancies and not replacing departing staff.
  • Input cost inflation rose moderately in December, making business conditions tougher for manufacturers. The increase was due to higher raw material and fuel costs and as a result selling price inflation rose, but it remains below the historical average. Judo Bank says that both measures are now “broadly consistent with a 2-3% inflation rate”.
  • See Judo Bank report here.
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