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Chemicals and petroleum markets rise significantly in November

The fabricated metal products, and chemicals, petroleum and coal products markets recorded significant rises in activity in November 2009, according to the Australian Industry Group – PricewaterhouseCoopers Australian Performance of Manufacturing Index (Australian PMI).

Manufacturing activity on the whole fell grew for the fourth consecutive month in November, however the rate of expansion slowed slightly by 0.5 points to 51.2; the modest expansion reflects the sluggish growth in new orders and a fall in inventories, according to Ai Group chief executive, Heather Ridout.

“November’s Australian PMI suggests manufacturers remain cautious. Despite a lift in new orders in recent months, manufacturers are not convinced that conditions justify rebuilding their inventories. Nevertheless, a lift in production across manufacturing sectors contributed to the first rise in employment in almost two years,” said Ridout.

New orders rose strongly in the chemicals, petroleum and coal products, and fabricated metal products markets throughout November.

New orders fell in the basic metal products sector however, which reflects lower activity for the sector during the period.

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