Judo Financial institution / S&P International November Companies PMI is available in at a dismal 46.0, which is its lowest studying (outdoors of durations of lockdown throughout the pandemic) within the survey’s 8-year historical past

Composite is 46.2

Final week we had the flash studying for manufacturing and providers

Adopted by the ultimate for the November manufacturing PMI:

Key factors made in right now’s report:

Incoming new enterprise declines at quickest price in
over two years
Marginally sooner job creation recorded
Worth pressures intensify

Commentary from the report, briefly:

“Complicating the financial image was an enchancment within the
employment index within the providers sector, indicative of continued
robust demand for labour. A singular characteristic of the present cycle
has been the resilience of labour demand regardless of the slowdown
in general exercise. This seems to be greater than the traditional course of
of labour hoarding that happens in the beginning of a cyclical downturn
in financial exercise.
“Whereas the RBA will welcome the additional slowdown in enterprise
exercise in November, the robust employment index and an
improve within the value indexes is more likely to preserve them alert to inflation
dangers in 2024. Particularly, the RBA might want to stay attentive to
the chance that inflation doesn’t fall as rapidly or by as a lot as they
want to see.
“Each the enter and output value indexes elevated in November
and stay above ranges according to the RBA’s inflation goal.
That is according to sticky home inflation recorded by the
Australian Bureau of Statistics in October the place, excluding the
impacts of Authorities hire subsidies, one other robust improve in
home inflation was recorded.
“These outcomes will almost certainly give the RBA Board additional
confidence that the financial system is slowing into the tip of 2023
however offers little consolation that inflation pressures will materially
decline additional over the primary half of 2024.”

Bolding is mine. The RBA meet right now however this isn’t going to shift them from an on-hold choice. If inflationary pressures are mirrored in official information then additional hikes are doubtless. February is the subsequent assembly after right now and, at this stage, it is a dwell assembly.

Earlier previews of right now’s assembly:

The choice might be introduced at 2.30pm native time in Sydney: