Australia's manufacturing and services sectors contract further, signaling economic slowdown.

Australia's manufacturing and services sectors continued to contract in November, with the Manufacturing PMI at 49.4 and Services PMI at 49.6, both below the 50 threshold for expansion. This follows a similar trend in October and indicates a slowdown in job additions and output. Lower inflation and easing selling price pressures suggest potential for reduced interest rates in 2024. Japan also reported ongoing contraction in manufacturing, with a PMI of 49.0, though its services PMI improved slightly to 50.2.

November 22, 2024
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