Australia AiG Performance of Manufacturing rose 0.1 pt to 61.8 in May. That’s the eighth consecutive month of recovery for the MI, and the highest result since March 2018. It’s also the fourth highest reading on record. Six of seven activity indicators expanded, while only the exports active index indicated a contraction.
Ai Group Chief Executive Innes Willox said: “Australia’s manufacturing sector maintained its rapid pace of expansion in May fuelled by strong demand from the construction sector, a pick-up in business investment and healthy demand from households…While the new Victorian lockdown will dampen enthusiasm somewhat, these conditions are likely to be setting the stage for a lift in investment by manufacturers.”
Also from Australia, current account surplus widened to AUD 18.3B in Q1, above expectation of AUD 17.8B. Company gross operating profits dropped -0.3% qoq in Q1, versus expectation of 3.6% qoq rise. Building permits dropped -8.6% mom in April, versus expectation of -10.1% mom. From New Zealand, building permits rose 4..8% mom in April.
