Manufacturing PMI Takes A Hit.

The Performance of Manufacturing Index (PMI) for June has dropped by over 8 points from the pick-up in May with the chart now crashing below 50 to 44.2. Anything below 50 is in recession. Some sectors were up – food manufacturing, wood and paper products, textiles clothing and furniture all continued their month to month rises. However, the hits taken by manufacturing, metal products, machinery and equipment (impacted by the slowing automotive industry) dragged the index down. The Australian Industry Group said local demand remains weak despite the lower dollar.

Source: AMT