Highlights from the report:
Production expands at fastest pace since April 2022The 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 conditionsPrice 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.