Australia Final manufacturing PMI from Judo Bank / S&P Global for August 2024, comes in at the highest level in three months @ 48.5
prior 47.5
Flash reading here:
Australia preliminary August PMI: Manufacturing 48.7(prior 47.5) Services 52.2(prior 50.4)
Commentary from the report, in summary:
not a manufacturing recession, but an extended
soft landingcapacity constraints
across many parts of the Australian economy are acting as
a headwind to growth for manufacturingabove the 50.0 mark for new export orders and a
jump up in the future output index to the highest level in 18
monthsnew orders and output remain soft at readings below 50.0employment rose above 50conditions in the manufacturing sector are not
deteriorating, although a genuine recovery remains elusiveinflation indicators in the sector worsened, both the input price index (costs) and the output price index
(final prices) rising during the monthinput prices have sustained index readings just under 60
over the past four monthsfinal prices rose towards a 55.0 index reading in August,
which, if sustained, will lead to the highest readings in more
than a year
Those price pressures evident in the survey are supportive of the no near-term rate cut view of the Reserve Bank of Australia.
We’ll hear from RBA Governor Bullock later in the week (Thursday local time):
Reserve Bank of Australia Governor Bullock is speaking twice in the week ahead
This article was written by Eamonn Sheridan at www.forexlive.com.
