The manufacturing sector in Australia continued to expand in February, and at a sharply faster pace, the latest survey from the Australian Industry Group showed on Wednesday with a Performance of Manufacturing Index score of 59.3.

That marks a large jump from 51.2 in January, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

It also marks the highest index reading since May 2002.

Individually, new orders, sales, production and employment all saw solid gains.

“The surge in February builds on a recovery from the sluggish performance in the third quarter of last year and marks a fifth month of expansion,” said Australian Industry Group chief executive Innes Willox.

The material has been provided by InstaForex Company –