S&P Global / Markit flash PMIs from Australia for October.
- Manufacturing 52.8 vs. September 53.5
- Services 49.0 vs. 50.6
- Composite 49.6 vs. 50.9
Australia’s private sector contracted for the first time since
From the report:
- Private sector output fell in October amid lower demand for Australian goods and services.
- Foreign demand continued to expand, however, supported by improvements in overseas business activity and favourable exchange rate conditions for international clients.
- Amid the fall in demand, the overall volume of incomplete business sank in October. This was largely underpinned by lower outstanding business in the service sector.
- Meanwhile, despite the fall in new orders, Australian private sector firms continued to hire at a solid rate in October both to rebuild their workforce capacity and in anticipation of higher future workloads.
- On prices, both input costs and output prices continued to climb in the private sector. Survey respondents reported higher costs across a range of categories including fuel, wages and raw materials leading to higher output prices in October
Meanwhile, AUD is up a few tics. The reopening of Globex has US stock indexes popping, carrying on the improved risk mood.