Australia April Services PMI: 50.1 (prior 49.3) & Composite 50.0 (prior 49.5)

'Final' CBA / Markit PMIs for April 2019

Services 50.1

• preliminary was 50.5
• prior 49.3

Markit comments:

• Business activity in the Australian service sector stabilised in April, supported by improved demand conditions. New business inflows rose after two months of decline, lifted also by rising service exports. This in turn saw backlogs of work accumulating further while business expectations remained positive. However, employment fell for the first time in the survey history. Meanwhile, inflationary pressure moderated.

Composite 50.0

• preliminary was 50.6
• prior 49.5

Markit comments:

• The seasonally adjusted Commonwealth Bank Composite Output Index rose from 49.5 in March to 50.0 in April, signalled an unchanged level of business activity. The latest reading reflected softer growth in manufacturing and a stagnating service sector.

I mentioned on the earlier AiG services PMI that it doesn't get the same level of attention as the manufacturing PMI. Ditto for this.

AUD barely changed.

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Earlier we got the AiG services PMI:

• Australia Services PMI for April 46.5 (prior 44.8)

And, earlier in the week the manufacturing PMIs:

• Australia manufacturing PMI for April: 50.9 (prior 52.0)
• Australia manufacturing PMI for April: 54.8 (prior 51.0)