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AUSTRALIAN MANUFACTURING ACTIVITY HOLDS STEADY.
SYDNEY, May 3 Asia Pulse - Australian manufacturing activity for April has remained steady, due to improvements in food and beverages and continuing strong demand for commodities, an economic index showed.
The Australian Industry (AI) Group - PricewaterhouseCoopers Australian Performance of Manufacturing Index (PMI) added 2.8 points to 58.4 in April, seasonally adjusted.
According to the report last month's increase was mainly driven by a lift in new orders and employment and falling stock levels, which necessitated higher production and deliveries.
AI Group chief executive Heather Ridout said while it was a positive monthly result, growth was uneven and concentrated in a few sectors.
"Manufacturing held up well in April, partly thanks to a substantial improvement in food and beverages, linked to easing drought conditions across many parts of Australia," she said.
"The April improvement was also underpinned by a rising demand for commodities led by basic metals and chemicals, petroleum and coal products."
However, she said the strength in these areas, which accounted for 45 per of all manufacturing activity, overshadowed emerging weakness in other areas.
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