Australia PMI Manufacturing dropped back to 58.4 in June, down from may’s 60.4. PMI Services dropped to 56.0, down from 58.0. PMI Composite dropped to 56.1, down from 58.0.
Jingyi Pan, Economics Associate Director at IHS Markit, said: “Australia’s private sector growth momentum further eased in June but remained at a strong level to indicate continued improvement in economic conditions during the recovery from the COVID-19 pandemic. Renewed movement restrictions in the Victorian state and supply constraints stood out as two key reasons weighing on the growth momentum for Australia in the June flash PMI data, which is worth scrutinising. Meanwhile private sector firms were also slightly less optimistic with regards to output in the next 12 months amid the uncertain virus and supply situation.”
