Australia AiG manufacturing dropped to 50.4, but encouraged by rise in new orders –
Australia AiG Performance of Manufacturing Index dropped -0.8 to 50.4 in October. That’s the fourth consecutive month of decline and lowest reading since September 2020. Looking at some details, production dropped -5.3 to 47.8. Employment rose 0.9 to 48.0. New orders rose 6.3 to 58.3. Exports dropped -5.8 to 46.1. Input prices rose 3.7 to 81.8. Selling prices dropped -0.8 to 63.9. Average wages rose 10.8 to 63.7.
Ai Group Chief Executive Innes Willox said: “Although restrictions began to be eased, vaccination rates rose and the country edged towards a living with COVID approach, the year-long run of improving manufacturing performance was put on hold in October…. Although October was nothing to write home about, manufacturers will be encouraged by the sharp lift in new orders received and by the further progress towards removing COVID restrictions.