Australia CBA PMI manufacturing surged to 56.1 in November, up from 54.2, hitting a 35-month high. PMI Services rose to 54.9, up from 53.7, a 4-month high. PMI Composite rose to 54.7, up from 53.5, also a 4-month high.
Bernard Aw, Principal Economist at IHS Markit, said: “Latest PMI data showed the recovery in the Australian private sector economy gained pace during November, setting the scene for a stronger GDP performance during the final quarter of 2020… That said, the subdued rise in new business remains a concern. Renewed lockdown measures in parts of the world due to second waves of infections may keep border controls and travel restrictions in place for a longer period, thereby dampening external demand. If Australian sales growth continues to lag behind the rise in business activity in the months ahead, the current economic recovery could risk losing momentum.”
