Australia Markit preliminary PMI for February, both manufacturing and services lower

Author: Eamonn Sheridan | Category: News

Manufacturing 56.6

  • prior 57.2

Services 54.1
  • prior 55.6

Composite 54.4
  • prior 55.9

Composite to a 4 month low, manufacturing a 2 month low.

Highlights from the report: 
  • strongest pace of job creation since late-2018 (job growth highest in 28 months)
  • stronger inflationary pressures (says the report: Input costs rose at the sharpest pace in almost five years of data collection, with output price inflation also quickening. This has the potential to limit the pace of the recovery going forward. )
  • ongoing disruption to supply chains amid global shipping problems ... Supplier lead times lengthened to the greatest extent in three months in February
  • Business confidence to the strongest in 2.5 years
Despite the falls for the PMIs these are all still well into expansion. 
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