Earlier was the AIG Manufacturing PMI, much weaker:
The Markit / S&P Global Australia Manufacturing Purchasing Manager’s Index posted 51.3 in November, down from 52.7 in October.
That's quite a stark difference between the two. Of course they are two separate surveys, but still, one is in expansion and the other in deep, deep contraction. At least they both moved in the same direction in November (i.e lower).
Comments from the Markit?s&P report:
- “Against a backdrop of tightening monetary policy and a challenging global macroeconomic environment, the latest November Australia Manufacturing PMI revealed that the manufacturing sector further moderated its growth pace in November. Both sales and output rose at weaker rates, whilst employment growth softened.
- “Business sentiment was also affected by a double whammy of rising costs and supply issues, adding to fears that we may see further slowdowns unless there is a material improvement in demand.
- “More positively, however, price pressures within the goods-producing sector did ease over the month, with both input cost and output price inflation at multimonth lows in November.”
The Reserve Bank of Australia are meting next week, December 6. A 25bp rate hike is expected.
