Manufacturing industry takes a hit

The manufacturing industry continued to deteriorate in March, with manufacturing activity falling in all states expect Tasmania.

Australian Industry Group chief executive Heather Ridout said the manufacturing industry continues to feel the impact of the economic downturn.

“The Australian PMI® suggests that economic conditions have not bottomed in the economy and that the outlook remains uncertain. Business is hunkering down and hoping that conditions will improve in the second half of the year. Whether they will, remains to be seen.”

However she remains positive, with the Australian Industry Group – PricewaterhouseCoopers Australian Performance of Manufacturing Index (Australian PMI®) up slightly by 1.7 points to 33.4.

PricewaterhouseCoopers Global Leader of Industrial Manufacturing, Graeme Billings said that manufacturers have to remain positive and look to the long term.

“For longer-term challenges, it is important to continue to focus on strategies designed to reduce long-term costs and boost productivity including through the retention of key skills, optimisation of supply chains and product and process innovation,” Billings said.

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