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The Australian Industry Group Manufacturing PMI is out and sadly is going absolutely nowhere, down 7.6 points to 42 and deep in recession:
To be honest, other than a good June, the trend is deteriorating. New orders rolled over and as expected there is no lift from the dollar yet:
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In fact, it may be making things worse as input costs jumped:
What can I say? There are no green shoots here. It looks like we’re early in the j-curve where things will have to get worse before they get better.
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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.
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