The Australia Industry Group (AiG) released its latest Industry Index for January, which showed a recovery in Australia's performance but still remains buried deep in contraction territory, printing at -14.9 compared to the previous month's -27.3.

According to AiG:

The new year contraction in the Australian Industry Index® eased in February, but the index remains in overall contraction.

February saw a modest improvement in upstream manufacturing and business services, but consumer facing industries (food and construction) posted slight drops.

Minor but continuing increased in the price indicators suggests that inflation in industrial products continues to be widespread.

Australia's AiG Construction Purchasing Managers Index (PMI) for January fell to 018.4 versus the previous -11.5, and the Manufacturing PMI as measured by AiG recovered to -12.6 compared to the previous month's -23.8