Manufacturing showed a “weaker rate of expansion” yet remained in growth territory overall, according to the Australian Industry Group’s Performance of Manufacturing Index survey results for July.
The overall PMI result was down 1.5 points versus June to 52.5.
Any result above 50 in the PMI indicates expansion, below it contraction, and exactly 50 represents stable.
By the sectors tracked, Machinery & Equipment slumped 8.6 points over the month to 48.8 and Building, Wood, Furniture & Other Products was down 6.6 points to 45.8. Three of the other five sectors recording a result were in expansion though two of those fell significantly over the month. (See below table.)
Most activity indices were down over July, but new orders and sales increased.
Following a Covid-influenced slump over the summer period, manufacturing has recorded an expansionary result month on month since February.
A more detailed summary can be accessed here.
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Image credit: Ai Group