SYDNEY -(Dow Jones)- The contraction in Australia's manufacturing sector continued in November, with activity falling for a sixth consecutive month, a performance gauge produced by an industry group published Monday shows.
The Australian Industry Group-PricewaterhouseCoopers Australian Performance of Manufacturing Index fell 7.7 points in November from October to 32.7, a second consecutive new low since the series began in 1992.
A reading below 50 separates contraction from expansion.
Worsening consumer and business confidence, spurred by the crumbling global economy and wipeout on equity markets fueled the decline, according to the Australian Industry Group.
All components of the index fell, with production falling a seasonally adjusted 11.1 points to 30.4, its sixth consecutive fall.
New orders slumped for the seventh month in a row, falling 14.4 points to 24.5, its lowest reading since the survey began.
Employment softened for its ninth month, dipping 4.4 points to 33.2.
Offsetting inflation concerns, wages growth eased and selling price growth input was stable, but the bigger picture for industry is bleak, Australian Industry Group Chief Executive Heather Ridout said.
"Of particular concern is the alarming fall in new orders. This does not auger well and suggests a poor end to 2008 and an equally weak start to the new year," Ridout said.
"Companies are doing a deep dive into their businesses in an effort to cut costs in order to ride out the downturn. Consistent with this, employment is under pressure."
-By Enda Curran, Dow Jones Newswires;
61-2-8235-2958; enda.curran@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=fFWui2UANxLvafhqnQjU%2Bg%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
November 30, 2008 17:45 ET (22:45 GMT)

Publié le 30 novembre 2008 Copyright © 2008 Dowjones