The manufacturing sector in Australia continued to expand in February, and at a faster pace, the latest survey from the Australian Industry Group showed on Monday with a Performance of Manufacturing Index score of 58.8.
That’s up from 55.3 in January and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
Five of the six manufacturing sectors included in the survey reported positive trading conditions during February including food & beverages, machinery & equipment, pharmaceuticals, cleaning, rubber, petroleum & related products and TCF, paper & printing products.
The building materials sector recorded its first month of expansion since August 2019, with respondents from that sector noting strong demand due to government stimulus.
Only the metal products sector continued to report mildly negative conditions in February.
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