Australia Construction PMI

The Australian Industry Group Construction PMI increased to 48.2 in November of 2022 from 43.3 in October, but continued to point to contraction in activity across the construction sector for a sixth month, as demand side pressures, including rising interest rates and economic uncertainty, are dampening construction sales and new orders. Also, supply side constraints, especially a shortage of skilled trades, continue to inhibit activity, but there are signs of materials supply chain pressures easing. Meanwhile, the employment index rose into weak expansion as absenteeism eased. The selling prices indicator expanded at a slower rate compared to the previous two months. Input prices jumped up to 91.9 points, indicating the gap in growth between prices widened. Capacity utilisation rose slightly to 82.9% and remains elevated as it has been since the start of 2021.