Manufacturing up as exports surge: PMI

Manufacturing activity picked up in August, a survey of Australian companies suggests, with machinery and equipment makers boosted by demand from the military and mining companies as overall industry exports hit a ten-month high.

“While it is only expanding at a modest pace, the further growth in manufacturing in August is heartening and, together with a rise in new orders, will help allay fears of a further slowdown in business conditions,” Ai Group chief executive Innes Willox said after the release of Australian Performance of Manufacturing Index on Monday.

The overall PMI was up 1.8 points to 53.1 in August, above the 50-point mark that separates expansion and contraction in activity, after a 1.9 per cent rise in July.

AAP

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