And the laugh of the day goes to the Australian Industry Group who described this morning’s crash to a three and half year low in the manufacturing PMI as a “dip”. A virtual non-stop recession for two and half years hasn’t dented their spirits!
The internals were ugly. New orders fell sharply and and exports plumbed new GFC lows:
The employment trend is poor:
Pricing power is poorer:
But there were a couple of rays of sunshine. Most segments actually shrank more slowly:
And finished stocks are running down so low that if there is an uptick in demand, production will have to rocket:
There is a global manufacturing rebound going on right now so this report rather suggests that the high dollar is decimating local production. Just as well that the “dip” will soon pass.