The Australia’s S&P Global manufacturing PMI has fallen below the 50.0 level for the first time since June 2020, dipping as low as 49.8 points compared to the 50.3 expected and the 50.2 of the previous month.
Also, the Services PMI also suggested contraction of activity as it fell below the 50.0 level, rising to 48.3 points from 47.3 the previous month, but below market expectations of 49.7.
With it, the S&P Global Composite PMI rose to 48.2 points compared to the previous 47.5.
About the Australian Manufacturing PMI
The Purchasing Managers’ Index Manufacturing PMI published by the Commonwealth Bank of Australia and Markit Economics captures business conditions in the manufacturing sector. As the manufacturing sector dominates a large part of total GDP, the manufacturing PMI is an important indicator of business conditions and the overall economic condition in Australia. A result above 50 is bullish for the AUD, while a result below 50 is seen as bearish.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
