Australian PMI: industry sees slight growth in June

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The Australian Industry Group’s Australian Performance of Manufacturing Index (PMI) has increased by 1.6 points to 54.0 in June, indicating mild growth in the industry. 

In an official statement issued by the Ai Group, four of the six surveyed manufacturing sectors expanded in June. The TCF, paper, and printing sector led the industries for its “strongly expansionary” growth, according to Ai Group. 

Results above 50 points indicate expansion, with higher results indicating a faster growth rate. 

The Australian PMI input price index skyrocketed in June, marking the highest reading since 2002. Respondents say input cost pressures have started to impact margins. 

Manufacturers’ selling prices also showed an uptick in June but surveyed suppliers said it was becoming difficult to lift prices.