Australia's manufacturing sector continued to expand in April as new orders grew at its fastest pace in nearly two and a half years, data from S&P Global showed Thursday.
The S&P Global Australia Manufacturing Purchasing Manager's Index was at 51.7 in April, down from the 29-month high of 52.1 in March but still above the 50-point neutral mark for the fourth month in a row.
New orders rose at the fastest pace since November 2022 as a result of firms' business development plans and stockpiling. Business owners hired more staff to meet new work, although outstanding workloads still managed to accumulate for the first time since November 2022.
Output inflation rose to its peak since February 2023 as costs of goods were passed on to consumers.
Meanwhile, business confidence among manufacturers fell to its lowest in six months, reflecting concerns about the ongoing tariff concerns.
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