CBA/Markit Flash PMI (June) Manufacturing 51.7 (prior 51.0)
- Services 53.3 (prior 51.5)
- Composite 53.1 (prior 51.5)
CBA/Markit 'key findings' for the month:
- Flash PMI data for June signalled a further pick up in growth momentum across the Australian private sector.
- Output and new business both expanded at the steepest rates for seven months amid reports of firmer underlying demand conditions.
- Consequently, outstanding workloads rose solidly, leading firms to raise their staffing levels for the second month in a row.
- On the prices front, input costs rose at the sharpest pace since last November, but the rate of selling price inflation remained modest.
I bolded some encouraging signs for the RBA … and one maybe not so much is underlined (discouraging for the RBA, good news for consumers though)