Australia PMI Manufacturing dropped from 57.7 to 55.3 in January. PMI Services tumbled sharply from 55.1 to 45.0. PMI Composite also dropped from 54.9 to 45.3, first contraction follow three months of growth. All are at their 5-month low.
Jingyi Pan, Economics Associate Director at IHS Markit, said: “The Australian economy had slipped from a state of strong recovery in end-2021 to being affected by the surge in COVID-19 infections at the start of 2022… Supply issues meanwhile remained prevalent… This had led to input price inflation worsening Employment levels were unchanged.”
