Australia's manufacturing industry has recorded its fifth straight month of decline, as weak demand and investment drags the sector down.
However the pace of decline in the sector is slowing, according to the Australian Industry Group's performance of manufacturing index (PMI) on Friday.
Manufacturing ticked up 1.8 per cent to 48.0 in April, still below the 50-level separating expansion from contraction.
"While there are benefits from strong residential construction activity, low interest rates, and the weaker Australian dollar, these are being outweighed by subdued local business investment in equipment, the ongoing drop in mining construction and the progressive closure of automotive assembly," Ai Group chief executive Innes Willox said.
Share
