Australia Judo Bank / S&P Global data.
Mixed bag, up for manufacturing (6 month-high) and down for services (10 month-low). Overall negative though with all three in contraction (with the caveat that these are preliminary readings only).
From the report, in brief:
- Lowest PMI Since January: November's S&P Global Flash Australia PMI hit its lowest level since January, with Q4 average falling below Q3.
- Manufacturing Output: Continued contraction in manufacturing.
- Services Sector Slowdown: Key services sector deceleration is significant to monitor.
- Employment Growth Decline: Slower job additions, with growth below the long-term average.
- Eased Selling Price Inflation: Businesses cautious with price increases.
- Interest Rate Outlook: Softer output prices and slowing employment growth support potential for lower interest rates in 2024.
- Business Optimism: Lower inflation supports improved business sentiment.
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Final November data will be published on 2 December for manufacturing and 4 December for services and composite indicators.
