Australian January preliminary PMI, manufacturing 49.8 (prior 50.2)

Flash PMIs from Australia for January 2023:
Manufacturing 49.8

• prior 50.2

Services 48.3

• prior 47.3

Composite 48.2

• prior 47.7

These from Judo Bank / Markit.

Commentary from the report from Warren Hogan, Chief Economic Advisor at Judo Bank.

This in brief from a much longer price:

• The Flash Services PMI increased by 1 point to an index
  of 48.3. This is the strongest reading in three months and
  is consistent with a mild slowdown in services activity
  from extraordinarily strong rates of growth in 2022. This
  moderation of services activity from unsustainably strong
  rates of growth in 2022 will be welcomed by policy makers
  keen to reduce excess demand across the economy. What
  is unclear is if this slowdown in activity is enough to bring
  inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term pressures back down in line with the RBA’s 2-3%
  target.
• Inflation is likely to have ‘peaked’ below 8% in the final
  quarter of 2022, but the PMI price measures suggest
  underlying inflation pressures will not dissipate quickly.

(ps. Warren Hogan is a smart cookie, he's been doing this stuff for a long time and he is well worth paying attention to).