Good News! Manufacturing Is Growing!

According to the Australian Industry Group’s Performance of Manufacturing Index survey (or PMI) Australian manufacturing has scored a hattrick! Any figure over 50 means growth. July was 50.4…August 51.7 and September was 52.1! AIG says this shows local goods are becoming more competitive against imports. Half of the 8 sub-sectors are in growth. Unfortunately, metals manufacturing continues to take a beating due to global demand, supply imbalances, the wind-down of automotive assembly and reduced orders from the mining sector.

Source: Manufacturers Monthly