Australian Economy

Business indicators more downside for GDP

David Llewellyn-Smith
Monday, 2 December 2019
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Via the ABS come more poor GDP partials:

September key figures

Jun Qtr 19 to Sep Qtr 19
Sep Qtr 18 to Sep Qtr 19
%
%
Sales of goods and services (Chain volume measures)
Manufacturing
Trend
-0.5
-3.6
Seasonally Adjusted
-0.3
-3.3
Wholesale trade
Trend
-0.5
-0.3
Seasonally Adjusted
-0.5
-0.6
Inventories (Chain volume measures)
Trend
-0.4
-0.7
Seasonally Adjusted
-0.4
-0.9
Company gross operating profits
Trend
1.9
10.6
Seasonally Adjusted
-0.8
9.4
Wages and salaries
Seasonally Adjusted
1.0
4.8

Inventories to add roughly 0.15% after falling less than last quarter but profits weak. Roughly in line with expectations and no upside here.

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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.