Australia Manufacturing Sector Accelerates In March - S&P Global

(RTTNews) - The manufacturing sector in Australia continued to expand in March, and at a faster pace, the latest survey from S&P Global revealed on Monday with a manufacturing PMI score of 52.6.

That's up from 50.4 in February, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

The survey also showed that the services PMI improved to 51.2 from 50.8 in the previous month, and the composite PMI went up to 51.3 from 50.6 a month earlier.

Faster new business growth supported the latest rise in business activity. The rate of expansion quickened across both manufacturing and services, to 28 and five month highs respectively. According to panelists, improvements in economic conditions and successful business development efforts spurred higher demand for Australian goods and services in March.