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AUSTRALIAN MANUFACTURING SECTOR ACTIVITY RISES FOR 14TH MONTH.
SYDNEY, August 1 Asia Pulse - Manufacturing activity accelerated in July as stronger domestic demand fuelled higher production and employment, new figures show.
The Australian Industry Group-PricewaterhouseCoopers Australian Performance of Manufacturing Index (PMI) rose in July by 4.3 points, to 57.4, to sit firmly above the key 50 level separating expansion from contraction.
Exports remained subdued, however, as the higher Australian dollar exerted a brake on growth.
It was the 14th straight month of expansion for the manufacturing sector.
The PMI showed that the strengthening in domestic activity was reflected in a broad-based improvement across the key indicators of manufacturing production, new orders, employment, finished stocks and deliveries.
Australian Industry Group chief executive Heather Ridout said the strengthening domestic economy was placing a solid floor under manufacturing activity.
Production expanded in all states, with Queensland, Western Australia and Tasmania reporting the strongest conditions.
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Source: HighBeam Research, AUSTRALIAN MANUFACTURING SECTOR ACTIVITY RISES FOR 14TH MONTH.