Date Time
Australian PMI: Manufacturing grows at record pace in June
The Australian Industry Group Australian Performance of Manufacturing Index (Australian PMI®) rose by 1.4 points to 63.2 in June, delivering the highest monthly result since the Australian PMI® commenced in 1992 (readings above 50 points indicate expansion in activity, with higher results indicating a faster rate of expansion).
Ai Group Chief Executive Innes Willox said: “The 2020-21 financial year closed on a high note for Australia’s manufacturing sector. Ai Group’s June Australian PMI® pointed to record growth across the sector fuelled by the fastest recorded pace of expansion in each of the food & beverages; machinery & equipment; building materials; and chemicals sectors. Production, employment, and sales exports were all higher than in May although the rate of acceleration generally eased. Exports of manufactured goods surged in June and new orders were also higher, pointing to the likelihood of further expansion in the months ahead. The strength of the recovery continued despite headwinds from COVID outbreaks and associated lockdowns and border restrictions, high freight costs and the widespread difficulties employers are experiencing in filling positions,” Mr Willox said.