Australia: Manufacturing firms continue to be positive – Westpac

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The Australian Westpac–Chamber Actual Composite index rose in September 2018 to 66.5 from 64.1 in June, notes Simon Murray, Research Analyst at Westpac.

Key Quotes

“The increase in September consolidates on June’s bounce from two quarters of easing to 59.5 in March.”

“The well above average reading for the Composite index reflects strength in new orders, output, employment, overtime, and backlog.”

“The Australian economy has seen a period of strong expansion in the year to June 2018 with annual output growth of 3.4%, the fastest pace since 2012.”

“The uptrend in exports has continued at a moderate pace after stumbling back in 2016.”

“Expectations are positive, centred on new orders, output, backlog, overtime and to a lesser extent, employment. The expected Composite fell to 61.1 from 66.7 in June.”

“The survey’s Labour Market Composite, which broadly tracks economy-wide jobs, is at 58.0.”

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