Australia AiG Performance of Manufacturing Index dropped -4.2 pts to 52.1 in November, indicating expanding conditions at a slower rate. Looking at some details, all seven activity indices declined. Production dropped -2.6 to 52.5. Employment dropped -2.5 to 52.8. New orders dropped -5.1 to 53.3. Exports dropped -2.7 to 50.0. Four of the six manufacturing sectors expanded, including machinery & equipment, metal products, petroleum, textiles & clothing.
Ai Group Chief Executive Innes Willox said: “The manufacturing sector was broadly stable in November after a return to positive territory in October… Encouragingly, both new orders and employment continued to grow in November, pointing to the prospect of a continuing recovery as we head towards the end of the year”.
Also released, building permits rose 3.8% mom in October, above expectatio nof -3.0% mom decline. current accoutn surplus narrowed to AUD 10.0B in Q3, larger than expectation of AUD 7.1B.
