Australia AiG Performance of Manufacturing Index dropped sharply by -17.9 pts to 35.8 in April. That’s the largest monthly decline on record, and suggests that manufacturing contracted at its worst pace since April 2009. The sharp positive spike in March was more than reversed “as the unusual surge in demand for manufactured food and groceries subsided”.
Manufacturers cited a range of COVID-19 issues in April, with the most prevalent including: no new sales due to shutdowns; major customers cancelling orders; supply chain problems with inter-state freight movements, and delays; and increased prices for raw materials.
