Australian PMI: Manufacturing contracts in September

The Australian Industry Group Australian Performance of Manufacturing Index (Australian PMI®) fell by 2.6 points to 46.7 in September, indicating contracting conditions as stage four restrictions in Victoria resulted in a slowdown of orders and lack of new enquiries for manufacturers (readings above 50 points indicate expansion in activity, with higher results indicating a faster rate of expansion).

Victorian manufacturers continue to report the weakest results among the larger manufacturing states with the Victorian PMI® falling further into contraction (down 6.4 points to 37.6). NSW (down 6.7 points to 44.3) and Queensland (down 3.8 points to 43.3) also reported a decline in activity while South Australia rose further into expansion (up 2.1 points to 67.4), given its manufacturing sector’s greater number of clients related to agriculture.

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