Is it a coincidence that just after we vote in a new government talking about growth and stimulating the economy the Australian Industry Group PMI has recorded its first positive result since mid-2011. September saw a score of 51.7. Below 50 is contraction and above 50 means expansion. In August before the election that total was 46.4 (contraction).
A wide variety of industries have registered “numbers in the black” such as food, beverages, tobacco (its best result since Q1 2012!)…petroleum, coal, chemicals (best figures since 2011!). Sadly the manufacturing industry is still taking a beating and remains at 32.5 points.
The PMI was below 50 for 26 months in a row…while Labor was (supposedly) running the country. Let’s hope it continues to rise.