Some good news from the manufacturing front. According to the latest Australian PMI (Performance of Manufacturing Index) employment in the manufacturing sector rose for the first time in 23 months. The index grew from 44.6 points in October to 53.7 in November. Average wages in the sector also grew, with the wage index increasing by 3.3 points.
It’s heartening news for the overall economy when one of the most vulnerable sectors shows signs of recovery.
The whole PMI series is available here.