Australia AiG Performance of Manufacturing Index dropped to 49.3 in August, down from July’s 53.5, back in contraction. The details are mixed as production dropped -3.0 to 53.4. Employment dropped -3.2 to 50.2. New orders dropped -6.1 to 46.6. Exports rose 10.8 to 52.2. Average wages rose 2.0 to 50.
There was large divergence between larger manufacturing states. Victoria’s PMI dropped by -9.3pts and back into contraction at 44.0. New South Wales PMI also dropped -5.2 pts to 51.0. But South Australia PMI Rose 3.3 pts to 65.3. Queensland PMI also rose 9.7 to 47.1.
Also released from Australia, building permits jumped 12.0% mom in July versus expectation of -0.5% mom. Current account surplus widened to AUD 17.7B in Q2 versus expectation of AUD 13.0B. From New Zealand, building permits dropped -4.5% mom in July.
