CBA has released its flash PMI and it signals more Australian economic weakness:
The rate of expansion in business activity slowed to the weakest in the 33-month survey history during January as softer service sector growth outweighed a pick-up in the rate of expansion at manufacturing firms. New orders and employment also rose at weaker rates, while inflationary pressures softened. On a positive note, business confidence was at a four-month high amid stronger optimism across both monitored sectors…
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Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
