The manufacturing PMI on Monday
AIG Performance of Services index for August, comes in 0.1 point higher at 49.4 (prior was 49.3 )
“Key findings: (in brief):
- August comes in at 49.4 points (49.3 points in July)
- Suggests conditions have been broadly stable within the services industries over the past two months
- 3-month moving average is marginally lower this month, at 48.8 points
- Both the sales and new orders sub-indexes remained above 50 points in August
- Supplier deliveries, stocks and employment sub-indexes all continued to contract (below 50 points) this month
- Respondents continued to raise concerns about the weak local economy and uncertainties surrounding various Federal Budget proposals
- Consumer oriented services sub-sectors such as health and community services (52.7 points), finance and insurance (which includes superannuation) (60.6 points), and accommodation, cafes and restaurants (55.9 points) continued to expand this month (three month moving averages) and retail trade stabilised
