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"Every Indicator Is Blinking Red" - Aussie PMI Plunges To Record Low Ahead Of RBA Decision
February showed a deterioration in Australian service sector activity for the first time since the survey began nearly three years ago. Given the collapse in China's PMI, it is not entirely surprising that the seasonally adjusted Commonwealth Bank Composite Output Index slipped from 51.3 in January to 49.1 in February, signalled a decline from expansion. The latest reading reflected a deterioration in service sector conditions and slower growth in the manufacturing sector. As Markit notes, a decrease in new business inflows was recorded for the first time since the survey started in May 2016, while overseas demand ... (full story)