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Once upon a time, the Australian Industry Group (AIG) had three PMIs (manufacturing, services and construction) that were far from perfect but still useful.
Moreover, all three were widely quoted in the press, so they were certainly good for AIG.
Then, one day, somebody decided to recreate the indexes as the Australian Industry Index, which nobody understands, breaks with all market protocols, and is never quoted in the media.
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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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