Australian Industry Group Performance of Manufacturing Index, down 3 points for the month
To 51.0, for its 3rd consecutive month in expansion, albeit at a reduced rate this month.
- from February's 54.0
Some of the points highlighted by AiG from the report:
- Respondents reported slower conditions in March
- Some respondents attributed this to a general slowing in the economy while others said their customers are delaying orders until after the Federal election.
- The downturn in local housing construction is affecting demand for building-related manufactured goods.
- More positively, manufacturers in the 'textiles, clothing, footwear, paper and printing' and 'food and beverages' sectors reported higher than usual demand for this time of year, with the lower Australian dollar helping to stabilise exports.
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Over the weekend we got better signs out of Chinese data: China official PMIs (March): Manufacturing 50.5 (vs. expected 49.6), Services 54.8 (54.0)
This PMI is a bit of a downer after that.
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This is the first of two Manufacturing PMIs from Australia today, the next is the 'final' of the CBA / Markit Manufacturing PMI for March.
- the preliminary was 52.0 (more here: Australia flash PMIs (March))
- prior 52.9
