Australia’s May manufacturing PMI report is out.
The headline number came in at 43.8, up from 36.7 in April.
While this represents significant month-over-month improvement, the sub-50 reading signals contraction.
“No manufacturing sub-sectors expanded in May,” wrote the Australia Industry Group, who produces the report. “May marks the 23th consecutive month of manufacturing contraction.”
Australia has struggled to regain its footing as the its emerging markets trading partners slowed down in the wake of the global financial crisis.
Here are some bullets via AiG:
- The Australian Industry Group Australian Performance of Manufacturing Index (Australian PMI®) was 7.1 points stronger in May although at 43.8 is still well in the red.
- May marks the 23th consecutive month of manufacturing contraction.
- The new orders sub-index was up 9.9 points to 42.3.
- The production sub-index rose 13.0 points to 46.1 in the month.
- Input prices (54.7) and wages (52.9) growth are at their lowest levels since June 2009.
- No state or sub-sector recorded an expansion in manufacturing in May.
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