Manufacturing Company i Australia
Australia's manufacturing PMI climbed marginally to 45.2 in October from 44.1 in September. Any reading below 50 signals contraction in the industry. "The contraction in manufacturing new orders also extended into an eighth ...
Manufacturing Company in Australia
"The contraction in manufacturing new orders also extended into an eighth month, reflecting weak global demand and a soft Australian economy," wrote the Australian Industry Group. "After falling significantly in September, the new orders sub-index dropped a further 0.4 points to 43.9 in October." .
Australia is "a credit bubble built on a commodity market built on an even bigger Chinese credit bubble," wrote SocGen's Dylan Grice.
"Reflecting weakness in the global economy, the exports sub-index dropped 18.6 points to 29.7 in October, marking the eighth consecutive month of contraction and the slowest level since September 2011," wrote the Australian Industry Group.
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Exports MoM fall from 48.3 to 29.6 Input prices rise from 57.1 to 59.9 as selling prices fall from 41.2 to 39.6. First month of inventory contraction. And the China PMI climbed from 47.9 to 49.5? Which one's the laggard?
No wonder the PISA for most western countries show that 25% of 15 year olds have no marketable skills so the only career choices must be politics and journalism.
I live in Australia, I'm not hurting at all. 3rd strongest currency in the world, 5% unemployment. Yeah, everyone is just panicking over here... not.
Australia is a bad case of "Dutch Disease" - a resource boom leading to huge inward investment leading to a high currency and inflated wages that suck the life out of every other industry and when the boom is over and the money flows out (2013?) and the new infrastructure is built (2014? ) and the jobs go (starting pretty soon?) there is nothing left.
Oh, and as you neatly illustrate there is a cultural problem in Australia with bad news. You and most Aussies including the politicians and media commentators are still in denial about all this.
the real unemployment rate is far higher than the government stated 5% if you factor in the people who've given up looking for work, AND the number of people moved from part time to casual with no entitlements. Banks are STILL NOT LENDING because their too busy looking after their own fucking self interest. God help us if next year, if the global economy does implode, because our totally inept government has spent every bit of our previous surplus on a stupid spending spree which HAS got us nowhere. We are seriously fucked, like the rest of the world. Time to push the global reset button - DEBT JUBILEE is the only answer i can see - oh yeah and please hang all the bankers and wall st wankers that got off scot free. I'm so sick of dick heads trying to talk up the GLOBAL economy, when it's clearly FUCKED !
Unemployment less than 6%, houseprices higher than before the GFC, 2.5% inflation, total net government debt is less than 25% of GDP, a federal government which will go close to a balanced budget this financial year and a report by the Fraser Institute/freetheworld.com which says Australia is in the top 10 countries to do business in the world (80 countries surveyed).
On the negative, the TWI is coming off a historic high, commodity prices have eased and the mining investment boom is reducing over the next 5 years.
Housing construction and new home sales are down, but interest rates cuts and first home buyer/builder grants will stimulate new construction in many states relpacing employment washing off from the resources engineering boom.
Households are the richest in the world, imported goods and travel overseas are relatively cheap. Export and import competing sectors like manufacturing, universities, tourism and retail are finding it tough because of the high TWI/AUD.
I suspect the Australian government is more than happy to see negative articles like this in as many economic/business journals and blogs as possible, anything that could swing sentiment against the currency right now would help. Notice the wall of silence around Australia's Treasury, Reserve Bank or elected representatives whenever a meme like this emerges. There are never any denials or explanations.
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Australia is "a credit bubble built on a commodity market built on an even bigger Chinese credit bubble," wrote SocGen's Dylan Grice.
"Reflecting weakness in the global economy, the exports sub-index dropped 18.6 points to 29.7 in October, marking the eighth consecutive month of contraction and the slowest level since September 2011," wrote the Australian Industry Group.
The Only Smartphones Worth Buying Right Now [RANKED]Passengers Love The New Boeing 787 DreamlinerNew York Magazine's Breathtaking Cover Shows A Blacked-Out Manhattan From The SkyJim Cramer:
Twitter Facebook Buzz Digg StumbleUpon Reddit LinkedIn Email More about embedding posts » Embed More about Alerts » Alerts Newsletter To embed this post, copy the code below and paste into your website or blog.
Exports MoM fall from 48.3 to 29.6 Input prices rise from 57.1 to 59.9 as selling prices fall from 41.2 to 39.6. First month of inventory contraction. And the China PMI climbed from 47.9 to 49.5? Which one's the laggard?
No wonder the PISA for most western countries show that 25% of 15 year olds have no marketable skills so the only career choices must be politics and journalism.
I live in Australia, I'm not hurting at all. 3rd strongest currency in the world, 5% unemployment. Yeah, everyone is just panicking over here... not.
Australia is a bad case of "Dutch Disease" - a resource boom leading to huge inward investment leading to a high currency and inflated wages that suck the life out of every other industry and when the boom is over and the money flows out (2013?) and the new infrastructure is built (2014? ) and the jobs go (starting pretty soon?) there is nothing left.
Oh, and as you neatly illustrate there is a cultural problem in Australia with bad news. You and most Aussies including the politicians and media commentators are still in denial about all this.
the real unemployment rate is far higher than the government stated 5% if you factor in the people who've given up looking for work, AND the number of people moved from part time to casual with no entitlements. Banks are STILL NOT LENDING because their too busy looking after their own fucking self interest. God help us if next year, if the global economy does implode, because our totally inept government has spent every bit of our previous surplus on a stupid spending spree which HAS got us nowhere. We are seriously fucked, like the rest of the world. Time to push the global reset button - DEBT JUBILEE is the only answer i can see - oh yeah and please hang all the bankers and wall st wankers that got off scot free. I'm so sick of dick heads trying to talk up the GLOBAL economy, when it's clearly FUCKED !
Unemployment less than 6%, houseprices higher than before the GFC, 2.5% inflation, total net government debt is less than 25% of GDP, a federal government which will go close to a balanced budget this financial year and a report by the Fraser Institute/freetheworld.com which says Australia is in the top 10 countries to do business in the world (80 countries surveyed).
On the negative, the TWI is coming off a historic high, commodity prices have eased and the mining investment boom is reducing over the next 5 years.
Housing construction and new home sales are down, but interest rates cuts and first home buyer/builder grants will stimulate new construction in many states relpacing employment washing off from the resources engineering boom.
Households are the richest in the world, imported goods and travel overseas are relatively cheap. Export and import competing sectors like manufacturing, universities, tourism and retail are finding it tough because of the high TWI/AUD.
I suspect the Australian government is more than happy to see negative articles like this in as many economic/business journals and blogs as possible, anything that could swing sentiment against the currency right now would help. Notice the wall of silence around Australia's Treasury, Reserve Bank or elected representatives whenever a meme like this emerges. There are never any denials or explanations.
Social: | Your Activity | These articles have been shared on your timeline. You can remove them here: Options Notify me when a story is shared.
Hot: LinkedIn In your network inShare0The Most Ostentatious Party In US History Login with LinkedIn to see what your friends are reading on Business Insider.
The 25 Most Dangerous Cities In America 319,674 ViewsThe Only Smartphones Worth Buying Right Now [RANKED] 144,377 ViewsDeep Underground, 'Pump Train' Teams Are Working To Clear NYC's Subways 104,121 ViewsJim Cramer: Obama Is Going To Obliterate Romney In A Historic Landslide 88,841 ViewsJim Cramer: Obama Is Going To Obliterate Romney In A Historic Landslide 150 CommentsNate Silver Took A Huge Shot Against Mainstream Political Pundits In His Latest Election Forecast 129 CommentsThe Difference Between Bush's First Term Vs. Obama's First Term In One Devastating Chart 122 CommentsYes, Nate Silver Is Betting The Farm 105 CommentsLoading, please wait...
Read Me Cullen Roche| The Risk Of The Fiscal Cliff In One Paragraph 8 Here's the deal. Henry Blodget| These four charts show why meteorologists are freaking out about Hurricane Sandy.
* Copyright © 2012 Business Insider, Inc. All rights reserved. Registration on or use of this site constitutes acceptance of our Terms of Service and Privacy Policy.
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