Australia’s [B]Westpac/ACCI Industrial Trends Survey [/B]saw an index of firms’ expectations rise to 47.6 in the second quarter, the highest since the three months to September 2008. Notably, sub-indices tracking output and new orders expectations swung back into positive territory for the first time in 9 months, suggesting manufacturers are expecting a bit of a rebound in demand in the months ahead. That said, employment expectations remained negative (albeit less so than in the previous two quarters), hinting at firms’ intention to continue to operate with slimmer labor forces and casting doubt on whether the apparent stabilization in industrial activity will meaningfully contribute to lifting the economy out of recession.