From Industry Update: Manufacturing activity softened in November due to the strong Australian dollar, rising interest rates and skills shortages, according to the latest industry survey.
Only seven of the 12 manufacturing sub-sectors expanded in the month, the latest Australian Industry Group/PwC Australian Performance of Manufacturing Index (PMI) shows.
The PMI fell 1.8 points to 47.6 in November, driven by falls in the basic metals and machinery and equipment sub-sectors. Readings below 50 indicate contraction in activity.
The survey showed an expansion in areas such as textiles was not enough to offset falls in the other areas and new orders across manufacturing continued to weaken in the month. Read the full story.