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AUSTRALIAN MANUFACTURING ACTIVITY FALLS IN FEBRUARY.
SYDNEY, March 2 Asia Pulse - Manufacturing activity deteriorated further in February as the impact of the global economic crisis continues to grow, a survey says.
The Australian Industry Group-PricewaterhouseCoopers Australian Performance of Manufacturing Index (PMI) fell by 4.9 index points to 31.7 points in February.
It was the weakest result since the survey began in September 1992
The index has fallen for nine straight months and remains well below the key 50-point level separating expansion from contraction.
Ai Group chief executive Heather Ridout said the growing impact of the global crisis was now being felt "acutely" by the manufacturing sector.
"The February Australian PMI illustrates that the global downturn is intruding more forcefully into the domestic economy," Mrs Ridout said in a statement.
Mrs Ridout said demand for exports had fallen, domestic business and consumer confidence was very fragile and firms were reporting difficulties in accessing finance for investment and working capital.
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Source: HighBeam Research, AUSTRALIAN MANUFACTURING ACTIVITY FALLS IN FEBRUARY.