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AUSTRALIAN MANUFACTURING ACTIVITY CONTRACTS IN OCT: SURVEY.
SYDNEY, Nov 1 Asia Pulse - Manufacturing activity in Australia contracted in October on the back of falls in sales and new orders.
The Australian Industry Group-PricewaterhouseCoopers (PwC) Australian performance of manufacturing index (PMI) fell by a seasonally-adjusted 5.1 points to 47.8 in October.
A reading above 50 indicates that manufacturing activity is generally expanding while a reading below 50 indicates that it is declining.
Ai Group and PwC said manufacturers had been hit by falls in sales and new orders, which had led to the fastest rate of monthly inventory accumulation since May this year.
Small businesses - those with less than 25 employees - were feeling the impact the greatest, with activity falling sharply in October, while medium and large-sized firms appeared to have been largely unaffected, reporting moderate ...
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