Australia services PMI for July 58.2 (prior 58.5) Composite 57.8 (prior 57.9)

Author: Eamonn Sheridan | Category: News

CBA/Markit Services and Composite PMI for July (final)

"Key findings" outlined in the report:
  • With the Australian economy gradually reopening, latest PMI data showed the recovery in the services activity gaining momentum during July. Demand also picked up further, contributing to another accumulation in backlogs. Firms maintained their optimism towards the year-ahead outlook. While there remained some firms reducing staffing numbers, the drop in overall employment was marginal. Meanwhile, input costs rose further, but charges fell.
News out from Australia at pretty much the same time that Virgin Airlines will cut 3,000 jobs under their new owners. Maybe a total of 8,000 jobs lost ahead. 

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