Australian Manufacturing Industry Contracted For Fifth Consecutive Months In November

The Australian Industry Group (AIG) and PWC (Pricewaterhouse Coopers) released data in December 1st, indicating that the industry was weak beyond mining.

Data show that although Australia's manufacturing performance in November

The director of PWC's industrial products department said the report shows the diversity of the entire manufacturing industry.

Compared with the expansion of metals, chemical industry, pport equipment and other fields, the activities of clothing shoes and hats, metal products, paper, publishing and printing, and sub sectors of building materials have declined dramatically.

The Australian Central Bank (ReserveBank) lowered its benchmark interest rate by 25 basis points to 4.5% in November 1st, aiming to boost domestic demand and the first rate cut by the Australian central bank in the past 31 months.

Even so, a government report released on the 30 day showed that in the third quarter, with the rapid growth of mining projects, investment in Australia rose sharply in the third quarter, the biggest increase in the past three years.

Australia is the only developed country that successfully avoided economic shrinkage in the global economic recession of 2008/2009. Stevens, Glenn Stevens of Australia's central bank, is now experiencing a "structural adjustment", which is caused by the biggest mining boom in the past century and the continuous strengthening of the Australian dollar.

According to AIG's report, the Australian manufacturing index index dropped 6.5 points to 56.3, and stock index rose 3.5 points to 50.5.

Supplier delivery index increased 0.2 points to 45.9.

According to the report, the employment index fell 6.3 points to 45.3 in November, and the new order index increased 1.2 points to 48.1.

Production index rose 3.7 points to 49.6.

This report surveys the production, new orders, delivery, inventory and employment data of more than 200 companies.