In November 2004, the industrial production changed –0.4% in relation to October, in the series without seasonal influence. In the other comparisons, the results continued to be positive: 8.1% in relation to November 2003, 8.3% in the accumulated index from January to November and 8.1% in the accumulated index of the last twelve months.

The fall of 0.4%, observed in November in relation to October of the last year, shows the unfavorable behavior of 16 of the 23 surveyed groups of industry that have seasonally adjusted series. This result is considerably significant in the following industries: pharmaceuticals (-7.5%), basic metal products (-3.1%), electric machines, materials and equipment (-4.5%) and metal products (-3.0%). On the other hand, the main positive results were verified in electronic material and communication equipment (11.1%) and food products (2.8%).

Still in the comparison with October 2004, regarding the indexes by categories of use, it can be observed that the only category of use that presented fall was intermediate goods (-1.1%). By its way semi durable and non-durable consumer goods (0.5%) attained the major rhythm among the categories of use, followed by capital goods and durable consumer goods, both with growth of 0.2%. The production of intermediate goods, segment that has the major participation in the industrial structure, presented the third consecutive fall, accumulating, between August and November 2004, a loss of 1.7%. After the negative indexes of October, the segments of durable consumer goods (0.2%) and of non-durable consumer goods (0.5%) showed again positive rates.

The industrial performance in the last months produced a declining effect on the trend of the quarterly moving average index. Not only the total of the industry, but also three of the four categories of use presented a slight fall. In the comparison of the quarters closed in November and October, the rates were the following: -1.0% for durable consumer goods; -0.8% for capital goods and -0.6% for intermediate goods, all below the overall industrial average of –0.2%. The segment of semi durable and non-durable consumer goods (0.4%) is the only category of use that presented a positive change in this comparison. The quarterly moving average index was sustaining a positive trend since March till October of the last year, period in which it accumulated growth of 6.8%. Nevertheless, with the result of November, we can observe a scenario of stabilization in the level of production.

In the comparison with the previous year, industry presented fifteenth consecutive growth

In relation to November 2003, the growth of 8.1% in the industrial activity is a consequence of the growth of 23 among 27 groups of industry that were surveyed. It can be observed that in this type of indicator, the industrial production has been recording positive rates since September 2003, which means that it has been growing during the last 15 consecutive months. This result in a row did not occur since June 2001, a month in which the sector interrupted a sequence of 22 positive rates. The industry of automotive vehicles (27.3%) continued to present the major positive impact in the formation of the overall rate, followed by food products (11.2%), other chemical products (9.8%) and machines and equipment (11.1%). In these four industries, the items that more pressured were, respectively: automobiles and trucks; white plantation sugar and ice cream; herbicides and insecticides; equipment elevators/continued-action transport and compressors and motor compressors. Among the activities that presented fall, the ones that most influenced the industrial result were the following: pharmaceuticals (-8.3%) and edition and printing (-3.4%), specially the respective items of remedies and didactic printed matter and books.

Still in comparison with November 2003, by categories of use, the highlights were intermediate goods that grew 8.3%, and durable consumer goods (19.9%), which showed a rhythm above the overall average (8.1%). The production of semi durable and non-durable consumer goods presented increase of 6.6%, while the sector of capital goods reached its more moderate growth (4.4%) since September 2003.

The behavior of the sector of intermediate goods is a consequence of the positive behavior of almost all of its sub sectors, specially elaborated industrial inputs (6.2%) and production of vehicle pieces (33.6%). Although presenting its lower rate since March 2004, the manufacturing of construction inputs (2.3%), together with the production of packaging (7.5%), also contributed to the positive performance of this category of use. Regarding the favorable behavior of durable consumer goods, it was a consequence of the manufacturing of automobiles (25.2%) and of the growth, although in a smaller scale, of the production of household appliances (9.0%), specially those of the "brown line"(TV, radio and stereo), whose expansion reached 21.3%.

In the segment of semi durable and non-durable consumer goods, all the sub sectors presented positive indexes, being the main positive contribution food products and elaborated beverages (9.5%), in which stood out items typically directed to the inner market such as beer and soft drinks. On the other hand, the performance of capital goods (4.0%) was only not higher due to the negative pressures brought by the sub sectors of capital goods for agriculture (-15.0%) and capital goods of mixed use (-11.4%). The other sub sectors continued to show positive rates, specially, capital goods for industrial use (14.1%), transport (25.3%) and construction (50.9%).

In the accumulated indicator of the year, the increase of 8.3% observed in the total of the industry had a generalized profile, since 26 of the 27 investigated activities and all the categories of use grew. The amplitude of the expansion is also confirmed by the positive results indicated in 67 of the 76 sub sectors surveyed. The main positive contribution in the overall rate came from automotive vehicles (29.9%), followed by machines and equipment (17.1%), electronic material and communication equipment (18.7%) and other chemical products (7.1%). By product, the highlights in these industries were the following: automobiles and trucks; domestic refrigerators and motor grades; mobile telephones and television sets; and herbicides and flavorings. The only activity that presented fall in the production was edition and printing (-1.4%).

The indexes by categories of use confirmed the growing pattern during the last year, with a major dynamism observed in the producer sectors of durable consumer goods (22.3%) and of capital goods (20.4%). These were boasted, mainly, by the improvement in the conditions of credit and of the labor market, in the first activity, and by the wide spreading of investments in the second activity. The production of intermediate goods recorded a rate of 7.4%, a rhythm near the one verified in the total of the industry (8.3%), boasted by its major articulation with the exports and the agricultural business, as well as because of the growth in the production of final goods. The industry of semi durable and non-durable consumer goods (3.8%) presented a much lower rhythm than the overall average, although in the more recent months it presented a major dynamism.