The Australian Industry Group/Price Waterhouse Coopers Manufacturing Index is out, at
- (prior was 44.1)
While a reading below 50 is indicating contraction, those looking for a silver-lined-cloud can say at least it is a better reading than the previous month. Notable also for optimists is an expansion in the transport equipment sector (one of only 2 sectors to show expansion).
- New orders declined.
- Employment gained.
Factors for the overall weakness continue to be the usual suspects:
weak selling prices,
higher energy charges;
stronger import competition;
and the strong Australian dollar continued to affect manufacturing growth in the month.
Australian PMI®: Manufacturing contraction continues in October (link to AIG/PWC report)