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AUSTRALIAN MANUFACTURING SUBDUED: SURVEY.
SYDNEY, May 1 Asia Pulse - Weaker global growth, high interest rates and input costs kept Australian manufacturing activity subdued in April, a survey shows.
The Australian Industry Group-PricewaterhouseCoopers Australian Performance of Manufacturing index (PMI), released today, rose by a seasonally adjusted 0.4 points in April to 52.7, after a 0.7 point rise in March.
The index stayed above the key 50-point level separating expansion from contraction for the fourth straight month.
Ai Group chief executive Heather Ridout said growth in the manufacturing sector still was constrained.
"Growth in manufacturing activity was lacklustre again in April albeit characterised by a mixed performance, with some sectors doing better than others and mining and infrastructure development in particular putting a floor under activity," Mrs Ridout said in a statement today.
Mrs Ridout said weaker global growth, higher input costs and interest rates were impacting manufacturers' confidence about the future.
"Manufacturers are waiting for something to happen and are uncertain about when solid growth is going to reassert itself," she said.
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