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|SYDNEY Kyle Schwarber Jersey , June 1 (Xinhua) -- Australia's performance of manufacturing index figures for the month of May released on Thursday showed the nation remaining in expansion territory for the eighth straight month, albeit with a considerable slowdown.
The index looks at a number of key factors, such as total production and inventories, with a score above 50 indicating expansion, whereas a score below 50 indicates a decline.
For the month of May, Australia achieved a 54.8 point score Javier Baez Jersey , which was however down 4.4 percent from the previous month, with the production score dropping 8.5 percent, and sales losing 11.1 percent from the previous period's totals.
Innes Willox, chief executive of industry organization Ai Group, told Xinhua in a statement that the result still showed that manufacturers have done well in May, and managed to continue the strong growth in Australia.
Demand is relatively elevated for most sub-sectors and employment Chicago Cubs Hats , sales and new orders are all growing, albeit at more subdued rates, Willox said.
"Exports remain a key source of growth with many manufacturers strongly focused on growing their sales overseas despite stiff global competition."
The report did highlight a few causes for concern, with the auto industry one of particular note, but the report states "growth is occurring despite the ongoing contraction in automotive assembly," as automakers gradually withdraw from Australia.
"Regardless of the shrinking local auto industry and generally low business investment Chicago Cubs Hoodie , the important machinery and equipment manufacturing sub-sector again built on what has been an impressive recovery after an extended slump," Willox said.
Paul Dales, chief economist at Capital Economics told Xinhua on Thursday that the results were not too concerning, due to the previous rapid growth over the past few months.
"The index has been rising quite rapidly over the last few months, so it just reverses some of that increase," Dales said.
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