Australia CBA PMI Manufacturing was very steady in March, just dropped -0.1 to 50.1. PMI Services, however, tumbled sharply from 49.0 to 39.8. Hence, PMI Composite dropped from 49.0 to 40.7.
CBA Chief Economist, Michael Blythe said: “The sharp deterioration in PMI readings during March underline the increasing impact of the coronavirus on the Australian economy. The services sector is being hit hard by the cancellation of events, general fears about social interaction and a very sharp decline in offshore demand as travel restrictions bite.
“The manufacturing sector is faring a little better. But the leading indicators are flashing warning signs. The deterioration in supplier delivery times is accelerating, highlighting the disruption to supply chains. And the lower Aussie dollar is pushing input prices up at a rapid rate”.
