We had the AiG version of service industry PMI yesterday:
This one now is from CBA / Markit, results in the headline, the 'key points' from the survey:
- Business activity continued to expand in September, but the rate of increase remained relatively sluggish, picking up only slightly from August's recent low.
- New orders rose, but again, the rate of expansion was historically weak.
- Nonetheless, operating capacities were expanded, with employment growth edging up to a five-month high. Greater staff levels were reported as a factor driving input costs up, motivating firms to raise output charges..
Commenting on the Commonwealth Bank Services and Composite PMI data, CBA's Chief Economist, Michael Blythe:
- "The key services component of the Australian economy is growing at only a modest pace. There has been a clear loss of service sector momentum since mid-year. But still high readings for business expectations about the year ahead suggest activity has hit a pothole rather than started a more serious decline.
- "The slowing reflects a mix of supply and demand factors. Growth in new orders has slowed. But business is reporting that the drought is weighing on growth and competition has increased. Nevertheless, the demandsupply balance is favourable enough to allow business to pass on further rises in salaries and fuel costs into selling prices."
Earlier in the week we got the manufacturing PMIs from these two:
- Australia AiG Manufacturing PMI September: 59.0 (prior 56.7)
- CBA / Markit Australia manufacturing PMI (September): 54.0 (prior 53.2)
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AUD not fussed.
And, this due later:
