We had the manufacturing PMI back on November 1, up 1.5 points to 53.2:
On November 5 we got the services PMI, still in contraction but an improvement over September to 47.9:
And today we got the construction PMI, to 54.4:
- Into expansion territory after nearly 3.5 years in contractin
- Apartments and house building expanded at higher rates
- commercial construction and engineering construction returned to growth 9+50)
- New orders stronger (to 54.3) – improving activity across all sectors
- Employment increased after 40 months of decline
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This is further support evidence of the signs of transition in the economy, and will be AUD supportive as the likelihood of further rate cuts from the RBA is receding rapidly.
