ACCI survey shows manufacturing recession

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There is no good news in the quarterly ACCI Survey of Industrial Trends today. The headline index shows manufacturing in recession for the third straight quarter. Pretty much every sub-component sucks. Employment is waning along with capacity utilisation and investment intentions, costs are up and prices down. Even the export component shows deterioration, which contradicts what we’ve seen in the PMI for the last few months.

Of course, this is all perfectly normal with manufacturing having shrunk at such a pace since WWII, not.

Sell ’em dirt!

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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.