Australia preliminary manufacturing PMI November 49.4 (October was 47.3)

Australia Judo Bank / S&P Global data.

Mixed bag, up for manufacturing (6 month-high) and down for services (10 month-low). Overall negative though with all three in contraction (with the caveat that these are preliminary readings only).

From the report, in brief:

• Lowest PMI Since January: November’s S&P Global Flash Australia PMI hit its lowest level since January, with Q4 average falling below Q3.
• Manufacturing Output: Continued contraction in manufacturing.
• Services Sector Slowdown: Key services sector deceleration is significant to monitor.
• Employment Growth Decline: Slower job additions, with growth below the long-term average.
• Eased Selling Price Inflation: Businesses cautious with price increases.
• Interest Rate Outlook: Softer output prices and slowing employment growth support potential for lower interest rates in 2024.
• Business Optimism: Lower inflation supports improved business sentiment.

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Final November data will be published on 2 December for
manufacturing and 4 December for services and
composite indicators.

This article was written by Eamonn Sheridan at www.forexlive.com.