Australia PMI Manufacturing dropped to 56.6 in February, down from 57.2. PMI Services dropped to 54.1, down from 55.6. PMI Composite dropped to 54.4, down from 55.9.
Andrew Harker, Economics Director at IHS Markit, said: “A key positive from the flash PMI data for Australia is the strongest pace of job creation since late-2018…. On a less positive note, growth in the economy has been accompanied by stronger inflationary pressures… Another factor potentially putting the brakes on growth, particularly in the manufacturing sector, is the ongoing disruption to supply chains amid global shipping problems which showed no sign of letting up.”
