Down she goes, consistently for four months since the RBA hikes began. From Markit. Full report.
Australia’s private sector economy shrank for the first time in seven months in August, according to Flash PMI® data.
A renewed contraction in private sector output was recorded as demand expanded at the joint-slowest pace in seven months. Despite this, August data marked a yearlong sequence of increasing workforce numbers, with additional staff contributing to a further decline in
backlogged work. Elsewhere, both input and selling price inflation eased to six-month lows but remaining historically severe. Overall business sentiment remained in optimistic territory in August but fell to its lowest level since April 2020.
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