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AUSTRALIA'S MANUFACTURING ACTIVITY FALLS FOR 6TH MONTH IN A ROW.
SYDNEY, Dec 1 Asia Pulse - Australian manufacturing activity declined for a sixth straight month in November, as firms scaled back activity in response to weakening consumer and business confidence, a survey shows.
The Australian Industry Group-PricewaterhouseCoopers Australian performance of manufacturing index (PMI) fell 7.7 index points in November to 32.7 points.
The result was well below the key 50 level which separates expansion from contraction.
All 12 sectors covered in the survey declined, with the sharpest fall recorded in the new orders sub-index, which slumped 14.4 index points, or 37 per cent, to 24.5 points.
Ai Group chief executive Heather Ridout said the fall in new orders was "alarming".
"Companies are doing a deep dive into their businesses in an effort to cut costs in order to ride out the downturn," Mrs Ridout said in a statement.
"This does not ...
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Source: HighBeam Research, AUSTRALIA'S MANUFACTURING ACTIVITY FALLS FOR 6TH MONTH IN A ROW.