Aussie flash PMI sags


Judo Bank flash PMI has rolled again:

Flash Australia Composite PMI Output Index: 50.6 (May: 52.1), 5-month low
Flash Australia Services PMI Business Activity Index: 51.0 (May: 52.5), 5-month low
Flash Australia Manufacturing PMI Output Index: 47.7 (May: 49.2), 3-month low
Flash Australia Manufacturing PMI: 47.5 (May: 49.7), 3-month low

Warren Hogan is still glass half full:

“New orders also pulled back and are below the 50 neutral level in June, indicative of weakening demand in the final month of the financial year.

“The composite employment index was down but remains comfortably above neutral, suggesting ongoing labour demand in June.

“The various activity indicators suggest a slower pace of business expansion in the Australian economy in June after a very strong period over the first half of calendar year 2024.

Still, progress for the RBA.

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.