Australia April Markit PMIs, final: Services 58.8 (prior 55.5) & Composite 58.9 (prior also 55.5)
Services 58.8, record high, 10th consecutive expansion
Composite prelim was 58.8
- prior 55.5
- prelim 58.6
- prior 55.5
A solid report again. Well into expansion. The AUD is barely moved, which is most often the case with these indicators. AUD/USD had ticked up a few points with the NZ jobs report but the change so far on the data is tiny.
From the report, analyst comments:
- "April PMI data signalled that business activity across the Australian service sector rose at the strongest pace since data collection began in May 2016, reflecting further moves towards recovery. This was aided by the further easing of COVID-19 restrictions which boosted customer confidence and demand alike."
- "Service providers were enthused by the upturn in demand and expanding their workforce numbers at the joint-fastest pace on record. Nonetheless, strains on business capacity remained evident and intensified amid ongoing supplier delays."
- "Overall, business confidence also improved as the vaccination program was extended and a travel bubble with New Zealand established. Keeping the COVID-19 situation in control is likely to enable the further resumption of services activities and will be key to extending the current moves towards recovery. Our 2021 GDP forecast for Australia currently stands at growth of 3.2%."