The Australian manufacturing sector has extended its bullish run in March, jumping by 5.6 points to a record high of 63.1, according to the latest Ai Group Australian Performance of Manufacturing Index
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The result confirms 18 consecutive months of expansion (readings above 50 indicate growth), which is the industry’s longest positive run since 2005. The record reading of 63.1 tops the previous record of 62.1 points recorded in May 2002.
The Ai Group noted higher sales in both domestic and international markets has driven up production levels and had a positive knock-on effect across the whole manufacturing sector.
“The ascent of manufacturing reached new heights over the past month with strength evident across the sector in what is continuing welcome news for the industry,” Ai Group chief executive Innes Willox says.
“Production grew beyond the strong levels recorded in February on the back of higher sales in domestic and overseas markets.
“Employment growth continued to increase with this sub-index of the Australian PMI reaching a record high in March. Manufacturers reported new orders coming in at a healthy pace, in part reflecting the pick-up of work in mining, infrastructure and building,” Willox adds.