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The index of activity in the manufacturing sector by Australian AiG amounted to 46.9 points, which is significantly lower than the previous value of 56.4, and was the most significant fall in the history of the study.
AiG explores the results of a survey of 200 producers in assessment of business conditions including employment, production, orders, prices and stocks, as well as short-term planning. A reading above 50 is positive for the Australian dollar, and a value below 50 - negative.
Key findings of the Australian Industry Group:
The fall Australian PMI in August was heavily influenced by sub-sectors of food and beverages.
In addition, the sub-sector of textiles and clothing were affected by the decline in production and new orders, which contributed to an overall reduction.
Six of the seven sub-indices of industrial activity fell in August: Manufacturing (43.0 points), employment (44.6 points), inventories (48.3 points), delivery (46.2 points), sales (45 , 7 points) and exports (44.7 points). New orders continued to grow, albeit at a slower pace (51.5 points).
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