Australia AiG Performance of Manufacturing Index rose to 51.3 in July, up from 49.4, back in expansion. AiG noted that “performance gap between the expanding and contracting manufacturing sectors has grown in recent months.” July’s improvement was driven by building materials, wood, furniture & other’ manufacturers, the large food & beverages sector and the chemicals sector. However, heavy industrial sectors (metals, machinery & equipment) continue to report weak conditions. Local demand remains weak but overseas demand remains strong. Also from Australia, import price index rose 0.9% qoq in Q2, below expectation of 1.8% qoq.
