CBA / Markit services and composite PMIs for Australia in January 2019
- Services 51.0, same as the preliminary (prior was 52.7)
- Composite 51.3, preliminary 51.5 (prior was 52.9)
Earlier we got the AiG Services PMI for January. If the CBA one is Cinderella the AiG one is certainly the ugly sister
Back to the CBA version:
Services lowest ever (survey started May 2016) - some comments from the report 9all over the place they are …):
- drought-related impacts and softer economic conditions
- sales growth was at a survey-record low and was only marginal in January
- A steady increase in new business from abroad was partially offset by a slowdown in domestic markets
- Employment growth was the weakest for five months at the start of the year and modest overall
- service providers reported a solid increase in additional workloads
- The rate of backlog accumulation in January was the joint-second fastest in a year
- The survey brought further signs of a moderation in inflation.
- Business expectations about the outlook in the year ahead improved to the highest in four months
- Companies suggested that new marketing strategies, business expansions, higher sales projections and a wider product offering should boost business activity in 2019
more to come
