It’s a record: Australian manufacturing expanded at fastest pace ever during June according to PMI

The Australian Industry Group’s Performance of Manufacturing Index survey has recorded its best result since its 1992 beginning, with each activity index and each sector in growth.

The overall June result of 63.2 was up 1.4 points versus May, and was the ninth straight month of growth, despite headwinds due to the Covid-19 pandemic.

Any result above 50 indicates expansion, and below it contraction. 50 equals no change.

Innes Willox, chief executive of the Ai Group said the result was, “ fuelled by the fastest recorded pace of expansion in each of the food & beverages; machinery & equipment; building materials; and chemicals sectors. 

“Production, employment, and sales exports were all higher than in May although the rate of acceleration generally eased. 

“Exports of manufactured goods surged in June and new orders were also higher, pointing to the likelihood of further expansion in the months ahead.”

Exports returned to growth, up 11.2 points versus May.

Each of the seven sub-indices were in growth, said the Ai Group, “although four moderated slightly from the previous month.”

The full report can be read here.

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