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Financial News: Australia Manufacturing Sector Falters Further In January

Australia Manufacturing Sector Falters Further In January

02/02/2020 - 17:30:00 (RTTNews)

(RTTNews) - The manufacturing sector in Australia continued to contract in January, and at a faster rate, the latest survey from the Australian Industry Group revealed on Monday with a Performance of Manufacturing Index score of 45.4.

That's down sharply from 48.3 in December, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.

January is traditionally the slowest month for Australian manufacturing but the start to 2020 was even slower than usual, AiG said, with food and beverages the only sector to report expanding conditions.

It marked the third straight month of contraction.

"Australia's manufacturers are seeing a disappointing start to this new year and new decade. Activity, new orders, deliveries, sales and exports all slowed in the last months of 2019 and this has continued into January, affecting all segments of manufacturing," AiG Chief Executive Innes Willox said.

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