The manufacturing sector in Australia fell into contraction in November, the latest survey from the Australian Industry Group revealed on Monday with a seasonally adjusted Performance of Manufacturing Index Score of 48.1.
That’s down from 51.6 in October and it slides beneath the boom-or-bust line of 50 that separates expansion from contraction. It also represents a three-year low for the index.
Individually, the faster rate of contraction of the new orders index in November suggests a weak Christmas period ahead for Australian manufacturers. However, some manufacturing sectors are reporting better conditions than others, with manufacturers in the large food and beverage sector continuing to report buoyant conditions.
The material has been provided by InstaForex Company – www.instaforex.com