Aussie flash PMI crawls along

Via Judo Bank.

Flash Australia PMI Composite Output Index(1): 51.2 (Jan: 51.1). 6-month high.
Flash Australia Services PMI Business Activity Index(2): 51.4 (Jan: 51.2). 6-month high.
Flash Australia Manufacturing Output Index(3): 50.1 (Jan: 50.5). 2-month low.
Flash Australia Manufacturing PMI(4): 50.6 (Jan: 50.2). 27-month high.

Business activity in Australia’s private sector expanded at a faster pace in February, driven mainly by accelerating services activity growth. Overall new business also rose at a quicker rate, though export orders remained in contraction. Higher employment levels meanwhile supported the clearance of backlogged work, but also contributed to higher costs for Australian businesses. Firms were cautious with raising selling prices, however, amid reduced optimism in February.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.