Right where the sadistic RBA wants it.
Flash Australia PMI Composite Output Index(1): 49.4 (Oct: 50.2). 10-month low.
Flash Australia Services PMI Business Activity Index(2): 49.6 (Oct: 51.0). 10-month low.
Flash Australia Manufacturing Output Index(3): 47.9 (Oct:44.7). 6-month high.
Backlogs of work depleted again in November to suggest a lack of pressure on business capacity.
The rate at which the volume of unfinished work declined was the quickest since July with goods producers clearing their backlogged work at a quicker pace compared to service providers.
Consequent of the lowering of capacity pressures, Australian businesses hired additional staff at a slower pace in November.
The rate of job creation was marginal and below the series average.
The sadist is going to have to hard pivot.
