Service comes in at 48.7, while Composite comes in at 49.1
- For the priors and preliminaries, here: Australian preliminary February PMIs: Manufacturing 53.1 (prior 53.9) Services 49.3 (51.0)
Down from the flash readings, down from the janu January readings, and both dropping into 'contraction'.
Ugly results.
The report 'key findings':
- February showed a deterioration in Australian service sector activity for the first time since the survey began nearly three years ago. A decline in new work, linked to droughts and bank regulatory changes, weighed on business activity.
- Growth in export orders and backlogs also eased.
- However, business confidence was sustained and job creation picked up.
- Inflationary pressures meanwhile intensified, with input costs rising markedly
Don't forget folks, its RBA day. The monetary policy board is assembling for the meeting as we speak:
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Earlier we got the first of the services PMI for February,:
And, don't forget, we have the RBA announcement due later:
