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Free AccessMNI DATA ANALYSIS: Australia Q2 Inventories Upside Risk To GDP
--Company Profits Up; Wages and Salaries Accelerate
By Sophia Rodrigues
SYDNEY (MNI) - Business inventories beat expectations for the second
straight quarter, posing small upside risk to the second quarter GDP forecast.
Company profits also rose more than expected, and wages and salaries
accelerated.
Data published by the Australian Bureau of Statistics Monday showed
business inventories rose 0.6% q/q in Q2, beating MNI median forecast for a 0.1%
rise. The rise follows an upward revision in Q1 inventories to +0.8% from +0.7%
and means inventories are unlikely to detract from Q2 GDP as several economists
expected.
In Q2, retail inventories was flat, an improvement from four straight
quarters of decline. Mining inventories also rebounded partly, up 0.9% q/q from
a 1.7% fall in Q2. Wholesale inventories slowed, rising 1.1% in Q2 after a 3.3%
rise in Q1.
Company profits rose 2.0%% q/q in Q2 after an upwardly revised 6.5% rise in
Q2 (from +5.9). The outcome was higher than MNI median forecast for a 1.5% q/q
rise.
Mining profits rose 4.4% q/q in Q2 compared with a 12.2% rise in Q2. Retail
profits rose 1.5% after a 6.0% rise. Construction profits unexpectedly declined
in Q2, down 5.3%, but this followed a strong 11.8% jump in Q1.
Another important indicator in the data was wages and salaries which rose
1.2% q/q, accelerating from an upwardly revised 0.9% rise in Q1.
From Business Indicators data for the second quarter published by the
Australian Bureau of Statistics on Monday:
Q2 Q1
------------------------------------------------------------------------------
%Change, Q/Q %Change, Q/Q
Inventories +0.6 +0.8 (revised from +0.7)
MNI Median +0.1 (Range -0.2 to +0.9)
Company Operating Profits +2.0 +6.5 (revised from +5.9)
MNI Median +1.5 (Range -1.0 to +2.0)
Wages and Salaries +1.2% +0.9 (revised from +0.8)
--MNI Sydney Bureau; tel: +61 2-9716-5467; email: sophia.rodrigues@marketnews.com
[TOPICS: MTABLE,MALDS$,MMLRB$,M$A$$$,M$L$$$,MT$$$$]
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.