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.
pmi report january 2013 final.pdf
