Australian manufacturing expands in May
The latest performance of manufacturing survey by AiGroup has revealed that the manufacturing sector expanded during May for the first time in six months. The index rose 4.3 points to 52.3 as the Aussie dollar drove manufacturing exports.
Five of the seven activity sub-indexes were above 50 points in May, with the strong lift in manufacturing exports (up 10.9 points to 58.3) primarily reflecting a result of the lower Australian dollar, particularly in the food and beverages sector. The new orders (up 5.4 points to 52.8) and production (up 3.6 points to 52.9) sub-indexes both ended lengthy periods of contraction, but manufacturing sales declined further for a 12th consecutive month, signalling ongoing weakness in local demand.
Despite this positive news, AiGroup CEO Innes Willox warned of continuing risks to the economy.
“There remains a fine balance, however, and the rapid decline in mining construction, the progressive closure of automotive assembly and subdued local business investment in machinery and equipment continues to weigh on local demand,” he said.
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