Manufacturing sector contracts for fourth month: survey

03/07/2012 - Australia's manufacturing sector contracted for its fourth straight month in June, a private sector survey shows.

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The Australian Industry Group/PriceWaterhouseCoopers Australian Performance of Manufacturing Index (PMI) remained below the key level of 50 points in June, indicating the sector continued to contract.

However, the index rose 4.8 points to 47.2 points, indicating the sector contracted at a slower pace compared to the previous month.

The index, released on Monday, showed eight of the 12 manufacturing sub-sectors - including wood products and furniture, food and beverages textiles and chemicals - recorded decreases in June.

Ai Group chief executive Innes Willcox said that, although activity had increased, the high value of the Australian dollar and concerns about the implementation of the carbon tax had weighed on the sector.

The wages index increased 5.8 points to 48.8 in the month, while the new orders index rose 5.6 points to 46.2.

Source: AAP

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