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The manufacturing sector in Australia continued to contract in May, albeit at a slower rate, the latest survey from Judo Bank revealed on Thursday with a manufacturing PMI score of 48.8.
That's up from 48.0, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.
Sales for Australian manufactured goods fell again midway into the second quarter. Tighter global monetary policies and weak underlying demand undermined buying interest, according to panelists.
That said, the pace at which new orders declined was softer than in April. Foreign demand likewise contracted at a shallower pace in May. The fall in new orders meant that production levels were reduced for a sixth straight month in May. Labor constraints were also mentioned by panelists as a reason for reduced output.
