China Markit Services PMI

Description

The Manufacturing Purchasing Managers Index (PMI) captures business conditions in the services industry. The closely followed report, which is released on a monthly basis by Markit Group, is based on primary consultations with managers in the service economy. A reading above 50.0 represents expansion in the services industry, whereas a reading below 50.0 signifies contraction.
Latest Release: 03-12-2014 01:45:00
Next Release: 08-10-2013 01:45:00
Source:Markit Economics

Australia Gross domestic product (GDP) increased by 0.5% in the June quarter.

Australia’s economy is expanding at a modest pace in 2Q. GDP increased by 0.5% in the June quarter, adding to growth of 3.1% over the 2013-14 financial years. Still, if we only consider this number, it is pretty much positive, as it was better than forecasts for a 0.4% quarterly expansion and an annual rate of 3.0%.

But it was much slower than the pace that was recorded in the March quarter. The domestic final demand, which measures the total spending in the economy, rose up 0.4% in the quarter and was up 1.4% over the year.

Glenn Stevens said he expects economic growth to be a little below trend over the year ahead, despite continued low interest rates. The key restraint on growth in the quarter came from exports, which detracted 0.9 percentage points, nearly reversing their strong start to the year. The main positive for the economy in the quarter was the rebuilding of business inventories – stock on shelves and in warehouses – which added 0.9 percentage points.

Australia hasn’t recorded two consecutive quarters of economic contraction, the technical requirement for recession, in 23 years, as government stimulus and a mining investment booms to meet Chinese demand powered growth. Overall, long...