CBA / Markit release preliminary PMIs for Australia each month, the finals to follow in a couple of weeks.
Results …
Manufacturing comes in at 54.3
- prior 54.0
Services 51.0
- prior 52.7
Composite 51.5
- prior 52.9
From the flash report, CBA's Chief Economist, Michael Blythe:
- "The Flash PMI shows that the Australian economy entered 2019 on a weakish note. But the divergence between the manufacturing (up) and services (down) components is worth noting. Turns in the Manufacturing PMI tend to lead turns in the Services PMI by two months. The leading new orders and employment indexes are also sending a more positive signal than the headline PMI"
- "Despite concerns about trade war risks, export orders are holding up. And lower fuel prices are now having a restraining influence on business input costs".
