There is never an Australian manufacturing PMI when you need one and then suddenly they all come at once!Michael Blythe, Chief Economist at the Commonwealth Bank:
- Australian manufacturers are reporting positive activity and positive expectations in the early months of 2018.
- The headline PMI picked up in February and is running above the average level over the life of the survey.
- Expectations for future output are running at record highs
- Australian manufacturers are benefiting from the positive global backdrop.
- New export orders were up sharply in February.
- This extra demand is driving strong jobs growth.
- But capacity pressures remain evident in the run-down of finished goods stocks, lengthening supplier delivery times and rising backlogs of work. Rising input and output prices are one outcome.
Stonking strong report. AUD little changed … this PMI is not generally too much of an immediate market mover
…. and, update …. AUD/USD a few ticcys lower
Earlier today we got the
- Australian Industry Group performance of Manufacturing Index for February comes in at 57.5 — prior was 58.7
AiG are releasing their report an hour earlier than they used to, I reckon they are wanting to get in before the CBA report is published. Good idea, but their website is still not updated with the February report — just the headline. It’d be great if the report was available early too.
Just my 2c