Australian Industry Group’s manufacturing purchasing managers’ index for Australia drops to 53.4 in April
The Australian Industry Group (AiG) released its manufacturing purchasing managers' index (PMI) for Australia on the late Sunday evening. The index dropped to 53.4 in April from 58.1 in March. It was the highest level since April 2004.
A reading above 50 indicates expansion in the sector, while a reading below 50 indicates contraction in the sector.
A stronger Australian dollar weighed on the activity in the manufacturing sector.
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