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Financial News: Australia Private Sector Shrinks In November

Australia Private Sector Shrinks In November

11/21/2019 - 22:49:00 (RTTNews)

(RTTNews) - Australia's private sector showed a renewed fall in November following no change in October, survey results from IHS Markit showed Friday.

The Commonwealth Bank of Australia flash composite output index fell to 49.5 in November from 50.0 in October.

A score below 50 indicates contraction in the sector. Declines were seen across both the manufacturing and service sectors.

The flash services Purchasing Managers' Index dropped to 49.5 from 50.1 in October. Likewise, the manufacturing PMI fell to 49.9 from 50.0 in the previous month.

This is the first time that both manufacturing and services posted contraction since the survey began in May 2016.

"This is a particularly disappointing result when benchmarked against interest rate cuts, tax cuts, rising house prices and a still solid labour market," CBA Chief Economist, Michael Blythe said.

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