AIG Performance of Manufacturing index for June is barely changed on the month
From AIG's summary of the main points (bolding mine):
- a slightly slower - but still buoyant - rate of expansion in June (seasonally adjusted). Results above 50 points indicate expansion with higher results indicating a stronger expansion
- indicated positive conditions (results above 50 points) for twenty-one consecutive months
Six of the seven activity sub-indexes in the Australian PMI indicate expansion in June
- with only the finished stocks sub-index remaining stable. The new orders sub-index fell in June but remains expansionary, indicating a strong likelihood of further near-term manufacturing growth. This is despite some participants citing a reduction in new orders due to the approaching end of the financial year. The employment sub-index remains buoyant and has indicated stable or expanding conditions since late 2016. ABS employment data indicate manufacturing employment is at its highest level since August 2012
Seven of the eight sub-sectors in the Australian PMI® expanded in June
- with only the textiles, clothing, furniture and other manufacturing sub-sector indicating stable conditions (trend). Sub-sectors that provide manufactured goods for civil engineering, residential, and commercial construction projects continue to report very strong levels of activity. ▪ Drought conditions are now having an adverse impact on manufacturers linked to the agricultural sector, particularly those operating in the food and beverages, metals and machinery and equipment sub-sectors.
