March 2, 2018
February marked a 17th month of expanding or stable conditions for the Australian PMI – the longest run of expansion since 2005 (readings above 50 indicate expansion in activity, with the distance from 50 indicating the strength of the increase). For the fourth consecutive month all seven activity sub-indexes in the Australian PMI expanded. Five sub-indexes slowed, however, with only employment (up 5.7 points to 57.8) and exports (up 4.7 points to 56.5) accelerating. Six of the eight manufacturing sub-sectors expanded in February (according to trend data), with the larger sub-sectors such as metal products (up 1.7 points to 58.3) continuing to see a sustained period of expansion and/or recovery. Weaker conditions remain evident in textiles & clothing (an historic low of 33.0 points adding to more than two years of continuous contraction) and printing & recorded media (down 5.3 points to 39.7). “The broad-based expansion in Australia’s manufacturing sector continued in February led by the food & beverage and the petroleum, chemicals &…