Australian Performance Of Manufacturing Index Falls To 48.5 In December

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The Australian Industry Group and PricewaterhouseCoopers announced on Monday that the Australian Performance of Manufacturing Index stood at a seasonally adjusted 48.5 in December, down from 51.2 in November. A reading above 50 indicates expansion, while one below 50 suggests contraction.

Six of the twelve sub-sectors contracted in December, with sharp falls recorded in machinery & equipment, wood, wood products & furniture and chemicals, petroleum & coal products sectors.

The production sub-index slumped to 46.6 from 54.0 in the previous month, indicating the first, albeit modest, fall in production in five months. At the same time, the new orders sub-index fell by 3.3 points to 48.6, indicating a mild fall in the level of new orders.

Employment levels in the manufacturing sector rose for the second successive month in December, albeit modestly, with the sub-index falling to 50.8 from 53.7. The average wages sub-index, on the other hand, climbed to 58.1 from 57.2.

The inventories sub-index climbed 8.0 points to 50.8 in December. Input price inflation accelerated, with the corresponding sub-index at 60.5 compared to 56.7 in the previous month, while the output price sub-index fell to 44.0 from 44.4.

The Australian Industry Group and PricewaterhouseCoopers announced on Monday that the Australian Performance of Manufacturing Index stood at a seasonally adjusted 48.5 in December, down from 51.2 in November. A reading above 50 indicates expansion, while one below 50 suggests contraction. (Market News Provided by RTTNews)