Australian manufacturing grows for sixth straight month

A few days ago, data released by the Australian Industry Group showed that the manufacturing performance index (PMI) in December 2015 was 51.9%, although it was down 0.6 percentage points from November 2015, but still higher than the 50% cut-off point, the manufacturing economy showing a slow growth trend. According to the 'Australian Broadcasting Corporation' report, from the industry point of view, industries such as food and beverage production, coal chemical, rubber products, wood and paper are showing a good development trend, while the progress of automobile production, mining projects and government infrastructure construction is relatively low. slow. Peter Byrne, head of policy at the Australian Industry Group, said, 'While the overall picture is encouraging, it is not yet possible to say that the economy has recovered, and it will take time for the economy to recover from its previous contraction.' It can be seen that compared with November 2015, the product inventory index and the supply and delivery time index both decreased by less than 4%; the new order index and the export goods index increased, of which the increase in the new order index reached 5.3%. In terms of the composite index, this is the sixth consecutive month since July 2015 that the data value has been above 50%, which is the longest period of continuous expansion for the index since 2010. It is reported that the manufacturing PMI is a comprehensive index calculated from the diffusion index of the production and operation data of more than 200 industrial enterprises combined with different proportions. It is one of the Australian macroeconomic monitoring indicator systems. The value is taken as the cut-off point of 50%. A PMI above 50% indicates that the manufacturing economy has grown compared with the previous month; a PMI below 50% indicates that the manufacturing economy has contracted.