As with a recent report out of Canada which showed new motor vehicle sales in distinct decline, a similar report released this morning by the Australian Bureau of Statistics centered on a seemingly connected plummet in new motor vehicle sales in the Land Down Under. The report comes as many economists analyze the sudden downturn in AUD values brought on by an environment of global risk aversion.
The report, which came without built-in expectations, revealed a 7.6% decline in vehicle sales for the previous month. Last month’s revised numbers revealed a previous 4.1% decline, month-on-month, for April. May’s number’s combine to form an ominous outlook for Australian manufacturing which lines up with similar reports across Europe and the Western Hemisphere. Such news points to an expected sluggish second quarter for manufacturing-based companies.
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