Judo Bank / S&P Global flash / preliminary PMIs for December 2023
From the report in brief:
- Both key activity indicators remain below 50, in line with a growth ‘pause’, and are well above levels indicative of economic recession.
- Complicating the economic picture are the still strong employment readings and elevated price indexes.
- For the RBA and Treasury, these results are consistent with the soft landing view of the economic outlook. There are few signs that the economy is likely to tip into a steeper downturn next year. Most importantly, the strong employment results suggest the economy may prove resilient in 2024. It is hard to see a sharp downturn in the economy while employment and incomes are expanding.
