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GROWTH IN AUSTRALIA'S MANUFACTURING OUTPUT SLOWS.
SYDNEY, Nov 1 Asia Pulse - Growth in Australia's manufacturing activity slowed last month, reflecting mixed domestic demand, marginally weaker export growth and intense import competition, new figures show.
The Australian Industry Group-PricewaterhouseCoopers Australian performance of manufacturing index (PMI) fell 1.6 points to a reading of 51.9 in October following a moderate rise of 1.4 index points in September.
Despite the fall, the index remains above the 50.0 level separating expansion from contraction.
Ai Group chief executive Heather Ridout said conditions remained weak and patchy in the manufacturing sector, despite a moderate strengthening since the middle of the year.
"Manufacturing has its nose just in front, which is good for confidence in the industry," she said.
"However, growth is unlikely to strengthen on a sustained basis without more synchronised spending across states and sectors of the economy.
"Rising interest rates are bad news for the industry and are punishing businesses which are already under huge pressure."
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