Australia CBA PMI Manufacturing dropped to 54.2 in October, down from September’s 55.4. PMI Services rose to 53.8, up from 50.8. PMI Composite rose to 53.6, up from 51.1.
Bernard Aw, Principal Economist at IHS Markit, said, business confidence strengthened as ” firms expect the eventual return of normal market conditions” after restrictions easing. But “subdued ” new business growth casts doubts on the “durability of the current upturn”. Firms are “saddled with unused capacity” while companies “reduced their workforce” again.
