Australia Markit preliminary (flash) PMIs for October - all three have hit a four-month high.
Manufacturing 57.3 vs expected 58.6 prior 56.8
Services 52.0 vs. expected 51.1 prior 45.5
Composite 52.2 vs. prior 46.5
Commentary via Markit:
- Following the turnaround in September, the IHS Markit Flash Australia Composite PMI indicated that the Australian economy is back in expansion in October as the easing of COVID-19 restrictions and plans for further opening up of the Australian economy restored confidence and rejuvenated economic activity in the country.
- The return to growth for demand and backlogged work likewise reflected the improvement in overall confidence, with business sentiment rising to the highest level since February.
- Higher demand however translated to greater strains on the supply chain as we saw vendor performance deteriorate and price pressures further accumulate in October. Meanwhile employment levels rose at a slower rate with reports of constraints when trying to hire staff. These are issues that may persist in the short- to medium-term for firms as they take their time to clear.
Bolding is mine, familiar themes right around the globe.
