Australia Manufacturing Contracted for Fourth Month in December
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Australian manufacturing contracted in December for a fourth month as higher borrowing costs curbed consumer spending and the nation’s currency surged to a record, eroding export earnings.
The performance of manufacturing index fell to 46.3 from 47.6 in November, the Australian Industry Group and PricewaterhouseCoopers said in a survey released in Canberra today. A number below 50 indicates contraction.