AIG’s black hat-trick

So, here we have the three indexes produced b the Australian Industry Group for April. First the manufacturing PMI tanked:

Services crashed:

And construction rolled over:

All three of these indexes, such as they are, are below 45 and falling. That’s indicative of strong recession. I’ve documented that I think there are problems with the construction index and less so with services. My guess is that these indexes are overly oriented towards east coast company surveys. Even so, the dark hat-trick offers an insight into how poor conditions are in most of the economy.


  1. tonyddMEMBER

    We truely are the ‘lucky country’ and there was a real opportunity to mitigate the pain of the 2008 financial crisis had the then powers that be Rudd et al sought to have a controlled stabilasation of housing and other asset classes.

    For short term political gain they chose not to be ‘leaders’ and the result is a very very hard landing for Aussies and even harder for our battlers.