Earlier we got the first of the services PMIs for March
Now the CBA/Markit survey, both dropping under their 'flash' readings, and, more encouraging, above their February readings. Something for everyone!
Services 49.3
- flash was 49.8
- prior 48.7
Composite 49.5
- flash was 50.0
- prior 49.1
'Key findings' highlighted in the report:
- Business conditions across the Australian service sector deteriorated further at the end of the first quarter. March showed a decline in new business despite growth in export sales. Consequently, business activity shrank and employment was broadly stagnant. However, backlogs rose and business sentiment remained positive, supporting longer-term prospects. Meanwhile, cost pressures persisted, prompting firms to raise prices.
Oh, like the earlier services PMI, not much of a forex mover upon release.
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The two manufacturing PMIs were released on Monday:
