Australia June Construction PMI 43.0 (prior 40.4)

Australian Industry Group Performance of Construction Index for June 2019

An improvement on the month to 43.0. And still deep, deep in contraction.

• prior 40.4

Comment from AiG (bolding mine):

• Across the residential construction sectors, falls in approvals, commencements and work in the pipeline are continuing to weigh on workloads for residential builders, although there are signs that the downturn in activity is abating.
• Commercial construction is continuing to detract from industry-wide performance, although its rate of contraction has not accelerated over the past seven months.
• Weakness in these sectors is being cushioned to some extent by growth in engineering construction. Survey respondents continue to report growth opportunities from public infrastructure works including transport and wind and solar projects.

Private sector funded construction weak, public sector funded doing OK. the next time the RBA say the government should be doing more to support the economy point them towards the huge outlays on infrastructure projects. These are some support.

This is the final of the Australian PMIs for June:

• Australia - CBA Markit PMIs Services 52.6 (prior 53.3)and Composite 52.5 (prior 53.1)
• Australian data - Services PMI 52.2 for June (prior 52.5)
• CBA/Markit Australian Manufacturing PMI for June: 52.0 (prior 51.0)
• Australia Manufacturing PMI (June): 49.4 (prior 52.7)