Australian S&P Global Manufacturing PMI for July, final: 55.7 (prior 56.2)

The flash reading for these PMIs can be found here:

• Australia July flash Manufacturing PMI 55.7 (prior 56.2) & Services 50.4 (prior 52.6)

The manufacturing PMI is improved from June, at odds with the earlier, separate, manufacturing PMI data:

• Australian July Manufacturing PMI drops to 52.5 (from June's 54.0)

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Nevertheless, both showing solid expansion.Commentary from the Markit/S&P report:

• “Expansion across Australia’s manufacturing sector continued into July, according to the latest S&P Global PMI® data. A further acceleration in new orders growth was recorded while manufacturing output expanded but at a rate unchanged from June. Strong underlying demand conditions supported a faster rate of job creation but some firms continued to report difficulties in hiring new staff. Subsequently, staff shortages constrained output levels and contributed to the accumulation of backlogged orders and the renewed contraction in stocks of finished goods.
• “Meanwhile, inflationary pressures remain severe with selling price inflation reaching a near survey record. Input costs have been listed as the primary driver behind charge inflation as firms continue to share part of the cost burden with clients. Should orders continue to outweigh output, as indicated by July’s data, we may see further inflationary pressures in the months ahead.”

Labour supply constraints and "severe" inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term are familiar themes.