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

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

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.

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

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