The Australian Industry Group Performance of Manufacturing Index recorded a score of 43.8 for May, an improvement on the previous month but continuing the industry’s contraction for the 23rd straight month.
The Australian Industry Group – PwC Australian Performance of Manufacturing Index shows that the industry shrunk in November.
Industry leaders have commented on the pressures facing manufacturers, following yesterday’s poor PMI result.
The Australian Industry Group/PwC Performance of Manufacturing Index crept up five points to 45.3 for the month of August, but the sector continues to shrink.
Manufacturing growth across Europe and the US slowed during July, the latter reporting the second-weakest month of activity since the recession, according to statistics.
In worrying news for Australian manufacturers, industry activity dropped again during May, reaching its lowest level in nine months, according to an Australian Industry Group (Ai Group) report.
Manufacturing was back in the red last month, with production falling sharply to 43.9 PMI points, according to the latest Australian Industry Group – PwC Australian Performance of Manufacturing Index (Australian PMI).
The Australian manufacturing sector moved into negative territory in March as the strong Australian dollar and softer demand continued to affect growth in the sector, Ai Group reports following PMI result for March.