Australian manufacturing growing again

The Australian Industry Group’s Performance of Manufacturing Index has suggested a strong recovery for the country’s manufacturing sector in October.

The overall PMI result was 56.3, up 9.6 points on September’s figure. 

Any result over 50 indicates expansion, below it contraction, and a result of 50 indicates no change.

The expansionary result was the first since July, achieved despite a below-50 score for Victoria, and was led by NSW.

“With restrictions in Victoria being lifted there are very good prospects of further strength in the closing months of 2020,” AAP reports Ai Group chief executive Innes Willox as saying.

Subscribe to our free @AuManufacturing newsletter here.