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After a sharp drop in August, the Australian Industry Group Australian Performance of Manufacturing Index (Australian PMI® ) increased by 2.9 points to a broadly stable 49.8 points in September (results below 50 indicate contraction, the distance from 50 points indicates the strength of contraction).
The stabilisation in the Australian PMI® in September was heavily influenced by activity in the food & beverages sub-sector which recovered after contracting in August. This key sector (now contributing around 28% of all manufacturing output) appears to have addressed the factors that drove a contraction in production and sales in August.
Three of the seven activity sub-indexes in the Australian PMI® expanded in September after contracting in August. Production (52.6 points), deliveries (56.4 points) and sales (51.4 points) expanded and exports stabilised (50.0 points). Employment (46.7 points) and stocks (44.3 points) contracted again. New orders slipped into contraction (48.3 points).
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