Australian manufacturing PMI (Australian Purchasing Managers Index) falls 3.1 points to 30.1 but the decline was slower in April than in March in the textiles industry.
Business publications across the country again reported a decline in manufacturing activity in April due to weakening domestic and overseas demand and a record winding back of stocks
The machinery & equipment; chemicals, petroleum & coal products; and paper, printing & publishing sectors recorded the largest falls in activity in April. Solid falls in activity were also reported in the fabricated metal products; food & beverages; and transport equipment sectors. Activity declined more slowly in April than in March in the textiles; clothing & footwear; wood, wood products & furniture; basic metal products; and construction materials sectors. The Federal Government’s boost to first homebuyer grants, lower mortgage interest rates and solid infrastructure spending may be beginning to put a floor under construction materials demand.
Firms surveyed said that weak domestic and overseas orders as the main driver of the poor manufacturing climate.
