Australia's Judo Bank Purchasing Managers Index (PMI) came in mixed in the early Thursday market session, with a lift in the Services component mixing with an easing in the Manufacturing PMI.
Judo Bank's March Manufacturing PMI ticked down to 46.8 after the previous month's 47.8, while the Services component rose to 53.5 from the previous 53.1. The Composite March Judo Bank PMI rose to 52.4 from 52.1.
According to Warren Hogan, Chief Economic Advisor at Judo Bank: "Over the survey's nine-year history, this is the largest four-month increase in the Composite Output index outside of the two recovery periods when the economy was locked down during the pandemic."
Warren added, "The underlying details of the survey highlight that the improvement in business performance in 2024 is not even across the economy. Manufacturing activity remains soft in early 2024, with the Australian Manufacturing PMI down to a new cyclical low point well below 50.0".
Warren also noted that underlying details about Australia's manufacturing sector may be irrelevant to the country's overall economic outlook, as manufacturing accounts for less than 10% of Australia's economy
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