Australian Industry Index contracts in November, lowest reading since June 2020

<p>The data is for November, not October. This data from AiG used to be a focus but the S&amp;P Global PMIs are now more closely watched. </p><p>Key points from the report:</p><ul><li>The Ai Group Australian Industry Index sank deeper into contraction in November on the back of falling demand and activity.
</li><li>The activity/sales, new orders and input volumes indicators all materially fell in the month. Employment increased marginally.
</li><li>November is the lowest Aii reading since June 2020. On a trend basis, all four activity indicators point to contractionary conditions.</li><li>
Upstream manufacturers showed improvement, but consumer facing industries (food and construction) posted large declines.
</li><li>November saw a modest increase in input costs, but a decline in sales price and average wage indicators.</li></ul><p>Coming up today is GDP data for Q3, expected to have slipped back from the Q2 reading:</p><ul><li><a href="https://www.forexlive.com/news/asian-economic-calendar-key-events-and-consensus-expectations-for-06-december-2023-20231205/" target="_blank" rel="follow" data-article-link="true">Asian Economic Calendar: Key Events and Consensus Expectations for 06 December 2023</a></li></ul>

This article was written by Eamonn Sheridan at www.forexlive.com.