Rate cuts help boost manufacturing The Reserve Bank's rate cuts appear to have boosted the Australian manufacturing sector, but exports continue to struggle despite the falling dollar, a private monthly survey has found. The Australian Performance of Manufacturing Index rose 5.8 points in June to 49.6,
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"The unexpected lift in the Australian PMI is a welcome,
http://www.phoenixsun8s.biz/, though tentative, sign that manufacturers' efforts to fight back against the severe pressures facing the industry are beginning to pay off,
http://www.squadronblues13s.biz/," Ai Group chief executive Innes Willox said. "This month's improved reading ... comes after two years of continuous decline and after two months of especially weak Australian PMI readings in April and May." That result put the PMI just under the 50-mark that stands between contraction and expansion. The last over-50 reading from the PMI was in June 2011. The rise in the index was mainly the result of a marginal pickup in production.
New orders and supplier deliveries, which both go into the calculation of the PMI, were still contracting,
http://www.bugsbunnys8s.biz/, but at only a fraction of the rate seen in May. Employment in the sector continued to contract, according to the survey, as it has done every month since a minor increase in October 2011. The Reserve Bank's reductions in the cash rate appear to be supporting a weak pickup in local demand and the drop in the exchange rate may be assisting domestic producers in the local market," said Mr Wilcox. Export conditions,
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