Budget Boost

Australia’s PMI ranking for the industrial sector is in growth mode for the first time in years. Any figure above 50 means there is expansion and the Australian Industry Group’s Performance of Manufacturing Index has rocketed up to 52.3! That’s a jump of 4 points! The seven manufacturing sectors had been in the 40’s for a very long time and some were tracking downward but AIG says low interest rates, a low dollar and strong construction activity have helped push the numbers skyward. Five of the 7 sectors were above 50 compared to 0 in April. Exports leapt by an enormous 10.9 points to 58.3!

Source: Manufacturers Monthly