More
Evidence That Australia Is In Big Trouble
1
October, 2012
Australia's
manufacturing PMI
fell to 44.1 in September from 45.3 in August.
Any
reading below 50 signals contraction in the industry.
"Most
worryingly for the outlook, the contraction in manufacturing new
orders extended into a seventh month," wrote the Australian
Industry Group.
Australia's
economy boomed as
its huge mining industry benefited from surging growth in the
emerging markets.
But
with those growth economies slowing, Australia is getting slammed.
Australia
is "a credit bubble built on a commodity market built on an even
bigger Chinese credit bubble," wrote SocGen's
Dylan Grice.
Also
Sprach Analyst
pointed us to a breakdown of the latest PMI report from
the Australian
Industry Group:
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