The NAB Manufacturing Activity Index eased further in the second quarter of the year, remaining in negative territory – despite some divergent trends in individual sub-sectors.
It implies declines in quarter-on-quarter growth in the manufacturing sector – which continues to be burdened by global uncertainty and the strong dollar.
The activity index was down to -0.6 points from -0.4 points in March driven largely by declines in both Business Confidence and final prices growth.
Business confidence declined from around -3 points in the first quarter to -5 points in the second quarter, a trend that was broadly in line with those of the broader economy.
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The largest declines in confidence were recorded in the metal products, machinery and equipment and chemicals sectors.
This article first appeared at SmartCompany.