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The ABS has released the March quarter Business Indicators numbers which input into GDP:
MARCH KEY FIGURES
 | | |
Dec Qtr 12 to Mar Qtr 13 |
Mar Qtr 12 to Mar Qtr 13 |
| | |
% |
% |
|
| ||||
| Sales of goods and services (Chain volume measures) | | | ||
| Manufacturing | | | |
| | Trend |
-0.3 |
-1.6 |
| | Seasonally Adjusted |
-1.2 |
-2.6 |
| Wholesale trade | | | |
| | Trend |
-0.4 |
3.6 |
| | Seasonally Adjusted |
-2.5 |
2.6 |
| Inventories (Chain volume measures) | | | ||
| Trend |
0.1 |
1.8 | |
| Seasonally Adjusted |
-0.6 |
0.9 | |
| Company gross operating profits | | | ||
| Trend |
0.4 |
-3.4 | |
| Seasonally Adjusted |
3.0 |
-0.2 | |
| Wages and salaries | | | ||
| Seasonally Adjusted |
0.4 |
2.9 | |
|
| ||||
Company profits are up 3 points, double consensus, no doubt on the iron ore rebound:
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However, Inventories fell a sizeable 0.6 in the quarter which will drag down March quarter GDP:
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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.
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