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Financial News: Australia Manufacturing Sector Eases In July - AiG

Australia Manufacturing Sector Eases In July - AiG

08/01/2021 - 21:25:00 (RTTNews)

(RTTNews) - The manufacturing sector in Australia continued to expand in July, although at a slower rate, the latest survey from the Australian Industry Group showed on Monday with a Performance of Manufacturing Index score of 60.8.

That's down from 63.2 in June, although it remains well above the boom-or-but line of 50 that separates expansion from contraction.

This indicated strong but decelerating growth for manufacturing activity in June, despite widespread lockdowns. This was the tenth consecutive month of recovery for the Australian PMI following the severe disruptions of COVID-19 in 2020.

The machinery & equipment, metal products and chemicals manufacturing sectors all reached record highs in July. A new high was also recorded for the input price index in July. Respondents attributed surging activity and prices to strong demand for manufactured products that supply the construction, mining, agricultural and transport sectors.

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