Australia's flash manufacturing PMI remains steady in May

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SYDNEY, May 23 (Xinhua) -- Flash reading of Judo Bank Australia Manufacturing Purchasing Managers Index (PMI) posted 49.6 in May, unchanged from April, according to the latest report published by Judo Bank on Thursday.

The reading indicated that manufacturing sector conditions continued to deteriorate only fractionally in the latest survey period, said the bank.

The country's manufacturing sector saw production levels fall for an 18th successive month in May as new orders continued shrinking. However, the manufacturing output and new orders posted the slowest declining rate in eight and 15 months, respectively, in the month.

The sector suffered from heavier price pressure in May with both input cost and output price inflation rates quickening on the back of higher raw material and transportation costs.

The Judo Bank Flash Australia Services PMI Business Activity Index posted 53.1 in May, down from 53.6 in April, marking a fourth successive month of expansion but at a slower pace.

The Judo Bank Flash Australia Composite PMI Output Index, a gross domestic product-weighted average of the Judo Bank Flash Manufacturing Output Index and the Judo Bank Flash Services Business Activity, fell to a three-month low of 52.6 in May. The reading signaled that private sector activity expanded for a fourth straight month but at the slowest pace since February. Enditem

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