Earlier we had a dramatic drop in the AiG Services PMI reported:
The CBA one though is a bit of a yawn:
Services 52.3
- preliminary 51.9
- prior 52.6
Composite 52.1
- preliminary 51.8
- prior 52.5
Comments from the report:
- PMI survey data showed business activity in the Australian service sector rising at the start of the third quarter, supported by order book growth. Backlogs of work accumulated further while business sentiment remained positive. However, employment fell for the first time in three months. Meanwhile, cost inflation intensified, lifted by higher supplier fees and greater energy prices, pushing firms to raise fees further
- The seasonally adjusted Commonwealth Bank Composite Output Index slipped from 52.5 in June to 52.1 in July, indicating slower growth of private sector business activity at the start of the third quarter. The latest reading reflected softer expansions in both manufacturing and services activity.
