SYDNEY, Nov 2 (Reuters) - A measure of Australian manufacturing dipped from 21-month highs in October as renewed weakness in employment outweighed an improvement in new orders, an industry survey showed on Monday.
The Australian Industry Group/PriceWaterhouseCoopers Performance of Manufacturing Index (PMI) dipped 0.3 points to 51.7, but remained above the 50 threshold between contraction and expansion.
In a hopeful sign for future growth, the sub index of new orders climbed 6.7 points to 57.7. Yet the measure of employment dropped back by 5.1 points to 44.6, suggesting little demand for new labour among manufacturers.
'While the lift in manufacturing activity over the past three months and rising new orders in particular are welcome, growth is not accelerating and there remains a considerable way to go before we recover the ground lost over the past year,' said Ai group Chief Executive Heather Ridout.
Survey respondents reported ongoing, albeit mild, improvements in orders, including in the automotive and housing sectors. An increasing number pointed to the higher Australian dollar as a negative influence,though some are benefitting from lower imported input costs.
(Reporting by Wayne Cole; Editing by Jonathan Standing) (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) Keywords: AUSTRALIA ECONOMY/MANUFACTURING (wayne.cole@reuters.com ; +61 2 9373 1813; Reuters Messaging: wayne.cole.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The Australian Industry Group/PriceWaterhouseCoopers Performance of Manufacturing Index (PMI) dipped 0.3 points to 51.7, but remained above the 50 threshold between contraction and expansion.
In a hopeful sign for future growth, the sub index of new orders climbed 6.7 points to 57.7. Yet the measure of employment dropped back by 5.1 points to 44.6, suggesting little demand for new labour among manufacturers.
'While the lift in manufacturing activity over the past three months and rising new orders in particular are welcome, growth is not accelerating and there remains a considerable way to go before we recover the ground lost over the past year,' said Ai group Chief Executive Heather Ridout.
Survey respondents reported ongoing, albeit mild, improvements in orders, including in the automotive and housing sectors. An increasing number pointed to the higher Australian dollar as a negative influence,though some are benefitting from lower imported input costs.
(Reporting by Wayne Cole; Editing by Jonathan Standing) (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) Keywords: AUSTRALIA ECONOMY/MANUFACTURING (wayne.cole@reuters.com ; +61 2 9373 1813; Reuters Messaging: wayne.cole.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.