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Australian AIG PMI contracts for a second month in Sept

FXStreet (Bali) - Australian AIG performance of manufacturing index for September came at 46.5 vs 47.3 last.

Key findings

The Australian Industry Group Australian Performance of Manufacturing Index contracted for a second month in September. The index decreased by 0.8 points to 46.5points this month (seasonally adjusted), indicating a mild contraction in conditions across the manufacturing sector. The three-month moving average also drifted down to 48.1 points in September. Readings below 50 points indicate contraction.

Respondents to the Australian PMI® indicated that despite a welcome depreciation in the Australian dollar since early September, it remains high and continues to support intense import competition and weigh heavily on exports. The winding down of Australian automotive assembly and the ongoing downturn in mining construction activity are also affecting demand for locally-made products and components.

Across the eight manufacturing sub-sectors in the Australian PMI®, only the large food and beverages (54.9 points) and the smaller wood and paper products (63.2 points) sub-sectors expanded in September. All other sub-sectors remained in contraction (i.e. below 50 points).

All of the activity sub-indexes, except for supplier deliveries, were below 50 points (i.e. signalling contraction) in September. Manufacturing

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