BOOM: Australia's Manufacturing Sector Is Growing Again

The headline PMI number surged to 51.7 in September from 46.4 in August.

Any number above 50 signals expansion.

The new orders sub-index jumped to 53.6 from 44.2 a month ago.

The exports sub-index came in at an ugly 31.4. However, it's an improvement from the 28.3 read a month ago.

Australia's export-driven, mining economy has struggled with the slowdown in the emerging markets.

"Make no mistake - the Australian tide is going to be heading way out as China is about to have what our economist Wei Yao described as its' Minsky moment', or in layman's terms, its day of reckoning!" warned Societe Generale strategist Albert Edwards. "But even before China suffers this 'moment', final demand in the commodity dependent Western Australia (WA) has fallen into recession.