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Australian Flash PMIs Plunge in July

Published 23/07/2021, 01:09 pm
Updated 23/07/2021, 01:11 pm
© Reuters.

By Oliver Gray

Investing.com - The Commonwealth Bank Flash PMIs plummeted in the latest readings released Thursday, snapping 10 months of consecutive expansion as fresh lockdown restrictions throughout Australia dampened demand and output amid an accelerating spread of the coronavirus Delta variant.

The Flash Services Business Activity Index dropped to 44.2 in July from 56.8 in June, the first service sector contraction in 11 months as increased restrictions caused a contraction in demand. Meantime, the Flash Manufacturing PMI fell to 56.8 in July from 58.6 in June, remaining in expansion but softening significantly from June readings.

Employment conditions remained positive, although easing from the previous month, while price pressures and input charges both eased, however manufacturing firms noted higher input costs.

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