Australian flash PMI (July): Manufacturing 47.4 (prior 47.2) Services 50.8 (prior 51.2)

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Judo Bank S&P Global PMI Flash / Preliminary for July 2024

While manufacturing is up a touch, services is down. Composite (reflecting both) is down. Not a great report.

Comments from the report, Warren Hogan, Chief Economic Advisor at Judo Bank, in brief:

  • Flash PMI report is an early read on Australia’s
    economy in July and probably doesn’t capture
    the impact of tax cuts and cost-of-living support
    measures on household budgets and consumer
    spending. This will take some time to flow through
    to business conditions but should be expected to
    provide a boost over the months ahead.
  • Employment continued to soften in July, with the
    composite employment index just above the 50 index
    level.
  • Official data show that most of the job creation
    in Australia over the past year has come from the
    public sector and related industries, with the so called market sector employment trends slowing
    rapidly in 2024
  • while the
    demand for labour in many businesses is holding up,
    it’s weakest since the start of the pandemic in 2020.
  • Weaker activity results are not translating into a
    notable fall in inflation pressures across the business
    community.

This article was written by Eamonn Sheridan at www.forexlive.com.



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