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AUSTRALIAN MANUFACTURING SECTOR SLOWS IN JUNE.
SYDNEY, July 1 Asia Pulse - According to new results from a new business index, manufacturing activity in Australia eased in June as a result of slowing demand and rising costs.
The latest Australian Industry Group-PricewaterhouseCoopers Australian Performance of Manufacturing Index (PMI) declined 1.7 points to 50.6 in the month, after accounting for seasonal factors.
This translates to annual manufacturing growth of around two per cent.
The survey showed the June result was affected by weaker growth in production, new orders and deliveries, and a faster pace of contraction in finished stocks, while employment posted a small rise.
It found nine of the 12 manufacturing sectors experienced weaker activity, the worst affected sectors being textiles and clothing & footwear, as well as basic and fabricated metals.
Ai Group chief executive Heather Ridout said strong increases in cost pressures evident in the June index reflected global trends with metal and fuel prices, arising from the recovery in the US and strong demand from China.
"However, even with the input price index in June at its highest point since being included in the Australian PMI ...
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Source: HighBeam Research, AUSTRALIAN MANUFACTURING SECTOR SLOWS IN JUNE.