There is never an Australian manufacturing PMI when you need one and then suddenly they all come at once!
Michael Blythe, Chief Economist at the Commonwealth Bank:
- Australian manufacturers are reporting positive activity and positive expectations in the early months of 2018.
- The headline PMI picked up in February and is running above the average level over the life of the survey.
- Expectations for future output are running at record highs
- Australian manufacturers are benefiting from the positive global backdrop.
- New export orders were up sharply in February.
- This extra demand is driving strong jobs growth.
- But capacity pressures remain evident in the run-down of finished goods stocks, lengthening supplier delivery times and rising backlogs of work. Rising input and output prices are one outcome.
(bolding mine)
Stonking strong report. AUD little changed ... this PMI is not generally too much of an immediate market mover
.... and, update .... AUD/USD a few ticcys lower
Earlier today we got the
AiG are releasing their report an hour earlier than they used to, I reckon they are wanting to get in before the CBA report is published. Good idea, but their website is still not updated with the February report - just the headline. It'd be great if the report was available early too.
Just my 2c
