The manufacturing sector in Australia continued to expand in November, albeit at a slower pace, the latest survey from the Australian Industry Group revealed on Tuesday with a seasonally adjusted Performance of Manufacturing Index score of 52.1.
That’s down from 56.3 in October although it remains above the boom-or-bust line of 50 that separates expansion from contraction.
The result largely reflects stabilization in conditions after a bounce-back into positive territory, following Victoria’s easing of activity restrictions in October. South Australia had the largest fall of any state due to lost production from the three-day shutdown.
Still, it remained in positive territory because of robust agricultural conditions, which boosted demand for food & beverage and machinery & equipment manufacturers. Victoria recorded its first month of expansion since March.
The material has been provided by InstaForex Company – www.instaforex.com