Australia CBA PMI manufacturing rose to 57.2 in January, up from 55.7. That’s also the highest level in 49 months. PMI Services dropped to 55.8, down from 57.0. PMI Composite dropped slightly to 56.0, down from 56.6.
Pollyanna De Lima, Economics Associate Director at IHS Markit, said: “The Australian private sector remained resilient at the start of the year, despite the COVID-19 pandemic, with the flash PMI showing sustained growth of new orders, output and employment… While this boost in demand is welcome, inflationary pressures seem to be mounting…. Material shortages and restricted freight capacity remained key themes of the survey….
“Businesses were upbeat towards the year-ahead outlook for output, with hopes pinned on vaccine developments and the eventual lifting of restrictions globally. However, optimism weakened in January, dampened by concerns over the long-term effects of the COVID-19 pandemic on the economy.”
