In a startling turn of events, Australia’s AIG Manufacturing Index experienced a significant decline in August 2024, falling to -30.8. This comes on the heels of an already challenging July, where the index had settled at -19.5. Updated data released on September 03, 2024, highlights the escalating difficulties facing the Australian manufacturing sector.The plunge from July’s figure of -19.5 to August’s -30.8 raises concerns about the underlying health of the industry. The drastic drop signals a deepening contraction, suggesting that manufacturers are grappling with increased pressures possibly stemming from supply chain disruptions, decreased demand, or other macroeconomic factors.Stakeholders in the Australian economy will be closely monitoring these developments as they could have wider implications for employment, investment decisions, and overall economic performance. Immediate policy responses and strategic adjustments may be necessary to mitigate the impacts and steer the sector toward recovery.The material has been provided by InstaForex Company – www.instaforex.com
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