Highlights from the report:
- Production expands at fastest pace since April 2022
- The quickest rise in new orders in almost three
years - Stocks of purchases record sharpest growth since June 2022
More:
- PMI rose to 53.0 in August (up from 51.3 in July), marking the fastest improvement since September 2022
- Production and new orders increased solidly, with exports returning to growth for the first time since May
- Employment expanded for the sixth consecutive month as manufacturers hired additional staff to handle rising workloads
- Inventory levels rose at the fastest pace in 38-46 months as companies built safety stock amid supply delays
- Business confidence soared to the highest level since February 2022, with firms optimistic about new products and economic conditions
- Price pressures stayed subdued, with only mild rises in input and output costs.
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This data point tends not to move markets too much at all. AUD/USD is around 0.6543 and little changed.
This article was written by Eamonn Sheridan at investinglive.com.
