January 16, 2015
Only two of the seven activity sub-indexes – those for employment (up 4.7 points to 52.5) and exports (up 2.9 points to 51.0) – were above 50 points this month (readings below 50 indicate a contraction in activity, with the distance from 50 indicative of the strength of the decrease). The new orders sub-index fell sharply (down 10.6 points to 43.7) following two months of mild expansion, reflecting slower growth or a decline in new orders across the manufacturing sub-sectors. Manufacturing production also contracted for a second month (down 1.4 points to 46.0). Reflecting the weak trading conditions, supplier deliveries (down 3.5 points 48.5) and stocks (almost unchanged at 45.4) also contracted in December. Ai Group Chief Executive, Innes Willox, said: "We would have hoped to have seen a stronger Australian PMI® in the lead-up to Christmas, but the finding is consistent with other publicly released data. Respondents to the Australian PMI® welcomed the further depreciation in the Australian dollar, but noted that the level of…
