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AUSTRALIA DATA: Nov PMIs Mixed, Services Fall Into Contraction Territory

AUSTRALIA DATA
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Australia's preliminary PMIs for Nov presented a mixed backdrop per S&P. The manufacturing index rose to 49.4 from 47.3 in Oct, but still remains in contraction territory. The services index fell though and is back sub the 50.0 expansion/contraction point (printing at 49.6), see the chart below (the services line is white). 

  • The manufacturing index has largely been range bound since the start of 2023. For services we are back to early 2024 levels.
  • In terms of the detail, on the manufacturing side, output rose to 47.9 from 44.7 in Oct. New orders were also up.
  • For services, details were less positive, with employment edging down to 50.9 from 52 in Oct. Prices charged were also lower compared to the prior month.
  • The next key Aust data release will be Oct CPI, out next Wednesday. 

Fig 1: Australian Nov PMIs Mixed, But Both Now In Contraction Territory 

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Australia's preliminary PMIs for Nov presented a mixed backdrop per S&P. The manufacturing index rose to 49.4 from 47.3 in Oct, but still remains in contraction territory. The services index fell though and is back sub the 50.0 expansion/contraction point (printing at 49.6), see the chart below (the services line is white). 

  • The manufacturing index has largely been range bound since the start of 2023. For services we are back to early 2024 levels.
  • In terms of the detail, on the manufacturing side, output rose to 47.9 from 44.7 in Oct. New orders were also up.
  • For services, details were less positive, with employment edging down to 50.9 from 52 in Oct. Prices charged were also lower compared to the prior month.
  • The next key Aust data release will be Oct CPI, out next Wednesday. 

Fig 1: Australian Nov PMIs Mixed, But Both Now In Contraction Territory 

Keep reading...Show less