Australia manufacturing index up at 49.0 in Jan: survey
[SYDNEY] A measure of Australian manufacturing activity rose in January as a falling currency boosted exports while building suppliers benefited from a strong housing market.
The Australian Industry Group's performance of manufacturing index (PMI) rose 2.1 points to 49.0 in January, just below the 50 level that is supposed to mark the threshold between contraction and expansion.
The index for exports climbed 3 points to 54.0, while new orders rose 3.9 points to 47.6 and production 2.7 points to 48.6. However, the survey's measure of employment took a 5-point dive to 47.5 in the month, while wages growth remained subdued.
The survey has been persistently weaker than official measures of manufacturing, implying the sector has been deep in recession for almost all of the past five years.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Deflation reaches UK stores as non-food prices fall 0.6%
Japan’s March factory output rises 3.8% vs month earlier
Hong Kong vies with US in Bitcoin ETF market after crypto’s revival
More UK companies plan price rises but wage expectations cool: Lloyds
Campaigning EU chief von der Leyen defends record during debate
Israel concerned over possible ICC arrest warrants related to Gaza war