Australia Markit preliminary PMIs for July: Manufacturing 56.8 (prior 58.6) Services 44.2 (prior 56.8)

Australia Markit preliminary PMIs for July.

Beginning to reflect the coronavirus outbreak and associated lockdowns covering half the country's population.

Manufacturing down to 56.8

• prior 58.6

Services crumble to 44.2

• 14-month low

• prior 56.8

Composite 45.2

• prior 56.7

Commentary from Markit:

• "Latest indications from the IHS Markit Flash Australia Composite PMI suggested that Australia's growth streak had been brought to a halt in July, and perhaps no surprise given the renewed lockdowns aimed to bring the COVID-19 situation under control.
• "While demand and output had evidently been badly affected in July, they are expected to improve once the restrictions are once again lifted. That said, the current COVID-19 disruption's effect on the supply chain remained evident. Manufacturing input costs continued to rise even as overall price pressures eased, which is an area to watch.
• "On the outlook, private sector firms were less optimistic given uncertainties surrounding the more infectious Delta variant and the supply situation. Firms however continued hire across both manufacturing and services, speaking to the robust labour market conditions."