Aussie Manufacturing Contracts Fifth Month in a Row

February 1st, 2011
in Background

Boomerang Bloomberg Businessweek:  Australian manufacturing contracted in January for a fifth straight month as measures of inventories, wages and supplier deliveries declined, a private survey showed.

Follow up:

The manufacturing index was 46.7, compared with 46.3 in December, the Australian Industry Group and PricewaterhouseCoopers said in a survey released in Canberra today. A number below 50 indicates contraction. Capacity utilization rose to 73.9 percent from 72.3 percent a month earlier, it showed.

The nation’s factories are lagging behind the mining industry, which is expanding to meet Chinese demand for raw materials and pushing the job market near a level the government views as full employment. The Australian currency’s 12 percent rise against the U.S. dollar in the past year has hurt export competitiveness.  Read more at Bloomberg Businessweek.....

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  1. optionsgirl says :

    Could this number reflect the flooding problems in Australia?

  2. admin (Member) Email says :

    @OG from John Lounsbury

    This is an obvious suggestion, but I didn't find any news article with an authoritative quote in that regard. On the news blog we try to be strict about news, which involves reporting the opinions of others but keeping our own opinions in the Opinion Blog (or if based on analysis, the Analysis Blog or Investing Blog).

    It is interesting that I found mention that manufacturing was contracting relative to mining and I have seen news reports about mining closures due to flood, especially for anthracite coal used in steel mills.

    This entire story deserves some analysis and maybe we can find someone in Australia who would take it on.

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