Preliminary Judo Bank S&P Australian Manufacturing PMI 47.5
- prior 49.7
Services 51.0
- prior 52.5
Composite 50.5
- prior 52.1
Wow, what an awful set of numbers. Early 2024 was promising but that's fallen in a heap now.
Warren Hogan, Chief Economic Advisor at Judo Bank this in brief on the employment and inflation aspects:
- “The composite employment index was down but remains comfortably above neutral, suggesting ongoing labour demand in June.
- “The composite input price index fell below the 60 level for the first time since January 2021, a sign that business cost growth might be easing. Hopefully, we are seeing the start of a genuine moderation in business cost growth. This is essential to reducing inflation in an economy with very little productivity growth over recent years. Final prices also eased but remained at an index level that points to above target inflation.
- “Service sector price indicators pulled back in June, consistent with the view that inflation is gradually easing in 2024. However, index levels point to inflation still above the RBA's target of 2-3%.
