Oz's industrial PMIs are picking up

 Last month (December data), I thought I detected the beginnings of an upturn in the two manufacturing PMIs.  That seems to have continued in January.   Observe that they are still both below the 50% "recession line", which means that the sector is not actually expanding--it is just going down less slowly.  Nevertheless, it does look as if the sector is close to an actual upturn.

Note:  The Australia Industry Group doesn't publish a PMI in November or December.  I used my own proprietary program to estimate November and December data.  So there may be revisions to the AIG PMI when official data are released in a couple of days.  However, because the AIG data are so "spiky", I fit a seven-month centred moving average to the underlying time series anyway, so the effects of revisions on the data are likely to be small.