Australian Industry Group (AiG … yes with the non-capitalised "i") Performance of Manufacturing Index for May
Comes in at 57.5
- Down 0.8 of a point from April's 58.3
'Key findings' (summary from AiG)
- 20th month of continuous growth
- May 2018 marked the longest run of expanding or stable conditions for the Australian PMI® since 2005
Five of the seven activity sub-indexes in the Australian PMI® indicated expansion in May
- Sales levels were stable in May (50.4 points), while finished stocks contracted (47.0 points), as manufacturers drew down on inventories.
- Some manufacturers reported raw material shortages or delays in May and so they drew down on their inventories to meet demand.
- The new orders sub-index remained above 60 points, indicating healthy demand and a strong likelihood of further near-term growth.
Seven of the eight sub-sectors in the Australian PMI® expanded in May
- with only the wood and paper products sub-sector indicating stable conditions (trend). None contracted.
- Sub-sectors that provide manufactured goods for large transport projects and the construction sector continue to report very strong levels of activity, particularly from the eastern states (albeit slowing from very high levels earlier in 2018).
- Manufacturers on the east coast continue to report strong demand from the civil engineering (mainly transport projects), commercial building and defence industries.
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And, due later (2300GMT)
CBA Manufacturing PMI for May … yes, another manufacturing PMI
- prev. was 55.5
