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Australia's manufacturing sector shrinks in December
(MENAFN) According to a new report released, the Australian manufacturing sector contracted in December of 2014, with only few new orders made, Xinhua reported.
The Australian Industry (Ai) Group's Performance of Manufacturing Index (PMI) declined 3.2 percent to 46.9 percent, dipping below the 50-point level that separates expansion from contraction.
One factor that was helping was the recent decline in the Australian dollar, which hit a fresh five-and-a-half-year low against the US dollar. That has shown up in a 2.9 point rise in exports to 51, indicating growth.
"The closure of Australian automotive assembly facilities now under way plus the rapid decline in mining investment activity, are also weighing heavily on demand for locally made machinery inputs," Ai Group CEO said.
The Australian Industry (Ai) Group's Performance of Manufacturing Index (PMI) declined 3.2 percent to 46.9 percent, dipping below the 50-point level that separates expansion from contraction.
One factor that was helping was the recent decline in the Australian dollar, which hit a fresh five-and-a-half-year low against the US dollar. That has shown up in a 2.9 point rise in exports to 51, indicating growth.
"The closure of Australian automotive assembly facilities now under way plus the rapid decline in mining investment activity, are also weighing heavily on demand for locally made machinery inputs," Ai Group CEO said.
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