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Thursday, June 24, 2021

Markit Services and Composite PMI for May  (final)

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IHS Markit PMIs for Australia 

Services 58.0
Composite 58.0 also 

‘Key findings’ from the report:

  • Business activity and demand sustain noticeable
    growth 
  • Sharpest increase in employment on record 
  • Cost inflation accelerates to series high

Solid expansion, jobs up .. good signs in the report.

Comments from Markit:

  • “Australia’s service sector sustained a strong rate of expansion in May with both demand and business activity growing at a healthy pace. The improvement in economic conditions can be seen providing firms with better confidence to continue hiring at a record pace. 
  • “Backlogs meanwhile continued to build despite the increase in operating capacity. Anecdotally, some service providers are looking to rebuild their headcount to pre COVID-19 levels but a few are citing difficulties in finding new employees. 
  • “Business confidence remained strong in May, even as price inflation accelerated, with firms anticipating further recovery from the COVID-19 pandemic. The latest developments surrounding Melbourne’s lockdown may however be one to keep a close eye on.”

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