The quarterly NAB Manufacturing Activity survey has registered a “largely unchanged” overall result, with the biggest news being an increase in confidence.
The survey for the third quarter showed no real change from the last poll and remained in positive territory with a slight increase in overall activity, registering a positive score of +0.3 points. Growth was positive, at 0.4 per cent.
“Business confidence was the only positive influence on the Activity Index in Q3 – rising to +2 points (from -4 points in June),” read a summary of the report’s findings.
“Confidence in the Manufacturing space may have been boosted by declines in the Australian dollar – reducing some of the competitive pressures on the industry.”
However, labour and purchase costs experienced negative trends.
Every subsector experienced growth except for Printing and Publishing and Metal Products.
“The key thing all sectors had in common was better confidence,” noted Business Insider.
Click here to read the report.