The December reading was 49.2, so an improvement on that also.

This contrasts with the PMI released earlier today which sunk further:

The 'key findings' from the report:

  • Business conditions worsened slightly again in the Australian manufacturing sector during January.
  • New orders continued to fall, albeit at a softer pace amid growth in new export business.
  • The rate of decline in output accelerated, however.
  • Meanwhile, the impact of the bush fires on supply chains continued, leading to further delays in the delivery of inputs.
  • On the price front, sharper rises in both input costs and output prices were signalled.

And, right down the bottom of the report (the final line):

  • However, sentiment dipped and was one of the lowest recorded by the survey to date

Bolding mine, and …. just wait until Feb chaps ….