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Australian manufacturing continues expansion: PMI

from Manufacturers’ Monthly

Australia’s manufacturing sector experienced its second straight month of growth, according to the Australian Industry Group Performance of Manufacturing Index, which rose to 51.7 points in August.

According to a statement from the Ai Group, the PMI rose 1.3 points on July’s result, driven by greater production, employment and new orders.

Any result above 50 in the survey-based PMI indicates expansion.

“A second month of expansion is encouraging for Australian manufacturing,” said the Ai Group’s CEO, Innes Willox, in a statement.

“It is also positive for the economy overall which requires a broader base of growth as the mining investment boom continues to unwind.”

The food, beverages and tobacco sub-sector enjoyed its 15th straight month of growth, recording a result of 54.2 (down 4.7 points). The wood and paper products (up 1.8 to 70.0) and textiles, clothing, footwear, furniture & other manufacturing (up 6.0 to 55.2) sub-sectors were also in expansion.

“Manufacturers are hoping that these positive directions are built upon in coming months and are sufficiently strong to overcome continued headwinds from the reduced orders for materials and equipment from the mining sector and automobile producers,” said Willox.