Australian March preliminary PMIs: Manufacturing 57.3 (prior 57) & Services 57.9 (57.4)

IHS Markit flash PMIs for March 2022 in Australia.

All 3 in expansion.

All 3 higher than in February

Comment from S&P Global on the data:

• "The Australian economy continued to expand strongly in March, according to the S&P Global Flash Australia Composite PMI, reflecting robust business conditions post the COVID-19 Covid-19 Covid-19 or the novel Coronavirus is a pandemic that has yielded wide ranging economic turmoil and volatility across financial markets in 2020. The first cases of Covid-19 were reported in Wuhan, China in late 2019. Since then, the virus has expanded globally, infecting millions worldwide. The virus has been extremely controversial, namely in the United States, which became heavily politicized during the 2020 presidential election. The Covid-19 pandemic is completely unprecedented in modern ti Covid-19 or the novel Coronavirus is a pandemic that has yielded wide ranging economic turmoil and volatility across financial markets in 2020. The first cases of Covid-19 were reported in Wuhan, China in late 2019. Since then, the virus has expanded globally, infecting millions worldwide. The virus has been extremely controversial, namely in the United States, which became heavily politicized during the 2020 presidential election. The Covid-19 pandemic is completely unprecedented in modern ti Read this Term Omicron wave.
• "Price pressures worsened, however, unsurprisingly aggravated by the slew of issues including floodings In Australia, the Ukraine war and broader supply chain constraints. This will be worth watching going forward with business confidence amongst private sector firms clearly hit by concerns over rising costs.
• "Higher employment levels in March had been a positive sign, though firms also widely reported higher wages. Meanwhile the reopening of international borders led to the first new export business growth in the service sector since June 2021, which was a boost for domestic activity."

High prices (inflation) continue to be a consistent theme across PMIs from not only Australia.