Australia AiG Performance of Manufacturing Index rose 9.9 pts to 51.5 in June, back into expansion region. AiG said that this only “indicates an improvement from the depths of April and May, rather than a recovery to buoyant conditions”. Also, “almost all of the improvement in June was concentrated in the large food and beverages sector”.
Also released, total building approvals dropped -16.4% mom in May, much worse than expectation of -6.0% mom. Private sector houses dropped -4.4% mom. Private sector dwellings excluding houses dropped -34.9% mom.
