Great news for those that thought the pandemic would put hopes of a manufacturing recovery well into the future.
Australian PMI (Performance of Manufacturing Index) increased by 3.5 points to 58.8 in February 2021.
So, if we give a little context to this figure we see that it is the highest monthly result since March 2018.
Readings above 50 indicate an expansion in activity, with higher results illustrating a faster rate of expansion. So, 58.8 is indicative of a strong recovery.
The good news for the gear industry is that growth was particularly strong among producers of machinery and equipment.
The sustainability of this upward growth curve is suggested by the New Orders Index, which was up 5.3 points to 59.9, indicating further strong production in coming months.
For a full account of all the key data on various sectors, wages and prices follow the link below…