Manufacturing productivity rockets!

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The Australian PMI is out this morning and it’s great news with the manufacturing productivity drive surging to new highs, down 1.2 points to 44.4:

pmi

Even better, those sub-sectors that bounced in February fell back towards greater productivity drives in March (as expected after a Chrissy binge that inefficiently increased trade):

pmi2

Most promising of all, it was in the export facing sub-sector where productivity enhancement was most obvious and the trend appears to be going parabolic:

pmi3

The internals in general were also productivity awesome:

pmi4

Dunn and Bradstreet reported today that manufacturing capex intentions collapsed to new lows in the June quarter. That should boost productivity even further, all the way to extinction.

Pmi Final Report March 2013

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.