On the Australian services PMI that moved up a more measured 0.4 points

Earlier posts on the PMIs from Oz today

Australia services PMI for May 52.5 (prior 46.5)

• Australian Industry Group Performance of Services PMI.

Australia services PMI for May 51.5 (prior was 50.1) & composite 51.5 (prior 50.0)

• CBA/Markit services and composite PMIs for May 2019

On the Australian services PMI that jumped 6 points in May

OK, now a quick look at the second of the PMIs, from CBA/Markit.

Some of the main points from the report:

The middle of the second quarter saw improved business conditions in the Australian service sector.

• Business activity rose, supported by stronger order book growth. A sustained increase in backlogs of work encouraged firms to raise staff headcounts. Business confidence also remained elevated while inflationary pressure intensified in the latest survey period.

Composite Output Index

• rose from 50.0 in April to 51.5 in May, signalling a return to growth of private sector business activity. The latest reading reflected a stronger expansion in services and a return to growth of manufacturing production.