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We all know Australia’s manufacturing sector is in recession, with the Australian Industry Group’s (AIG) performance of manufacturing index (PMI) this month registering its 26th consecutive month of contraction.
Now the below chart, which comes from David Scutt via Twitter, shows just how bad the manufacturing industry really is, with Australian manufacturing ranking dead last in a survey of PMIs across 25 countries (see next chart).
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.