The manufacturing sector in Australia continued to contract in February, and at a faster rate, the latest survey from the Australian Industry Group revealed on Monday with a seasonally adjusted Performance of Manufacturing Index score of 44.3.
That's down from 45.4 in January, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.
This marked four consecutive months of contraction in Australian manufacturing for the first time since 2014 and was the lowest monthly result in almost five years.
The indices for all manufacturing sectors deteriorated in February and all except food & beverages recorded a contraction in the month (results under 50 points, trend). The production, sales, new orders and exports indices fell further into contraction in February and were firmly negative.