Australia's Judo Bank Purchasing Manager Index (PMI) figures declined in June, with both the Manufacturing and Services components chalking in a fall back from previous periods.
June's Australian Manufacturing PMI declined to 47.5 from 49.7, returning to familiar lows. The Services PMI also backslid but remained in positive territory, falling to a five-month low of 51.0 from 51.2.
As noted by Judo Bank Chief Economist Warren Hogan, "The composite output index pulled back in June but remains in expansionary territory. The June flash reading was the lowest since January and has now eased back from the March high point. The June reading suggests that business activity is still growing, but slower than in March and April."
Economic Indicator
Judo Bank Composite PMI
The Composite Purchasing Managers Index (PMI), released on a monthly basis by Judo Bank and S&P Global, is a leading indicator gauging private-business activity in Australia for both the manufacturing and services sectors. The data is derived from surveys to senior executives. Each response is weighted according to the size of the company and its contribution to total manufacturing or services output accounted for by the sub-sector to which that company belongs. Survey responses reflect the change, if any, in the current month compared to the previous month and can anticipate changing trends in official data series such as Gross Domestic Product (GDP), industrial production, employment and inflation. The index varies between 0 and 100, with levels of 50.0 signaling no change over the previous month. A reading above 50 indicates that the Australian private economy is generally expanding, a bullish sign for the Australian Dollar (AUD). Meanwhile, a reading below 50 signals that activity is generally declining, which is seen as bearish for AUD.
Read more.Last release: Thu Jun 20, 2024 23:00 (Prel)
Frequency: Monthly
Actual: 50.6
Consensus: -
Previous: 52.1
Source: S&P Global
