May’s preliminary S&P Global Manufacturing PMI fell to 50.3, signaling slower growth as new orders declined for the first time in 2024.
Australia’s S&P Global Manufacturing PMI dropped to 50.3 in May from 51.3 in April, marking the weakest reading since December 2023. The decline reflects softer demand, with new orders contracting for the first time this year.
The April print of 51.3 had indicated modest expansion, while May’s figure hovers just above the 50 threshold separating growth from contraction. Output and employment growth also slowed, though input price inflation eased slightly.
Markets showed limited reaction, as the data remains close to the neutral mark and follows recent mixed economic signals from the region.