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Australia manufacturing in worst contraction in five years, coronavirus disruption deepens slowdown

Australian AiG Performance of Manufacturing index dropped to 44.3 in February, down from 45.4. That’s the fourth straight months of contraction in the manufacturing sector, last occurred back in 2014. It’s also the lowest monthly reading in nearly five years. All sectors were in contraction except for food & beverages.

Australian Industry Group chief executive Innes Willox warned, “The disruptive effects of the coronavirus, including on supply chains, are deepening and adding to the slowdown that has been in train since the closing months of 2019… The coronavirus is negatively impacting the exports of fast-moving consumable items to China and a number of businesses reported supply chain difficulties arising from factory shutdowns in China.”

TD securities inflation gauge dropped -0.1% mom in February. Company gross operating profits dropped -3.5% qoq in Q4 versus expectation of -1.2% qoq.

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