Australia Markit Services PMI Final

Info

History

Chart

Impact:

Medium

Source: Markit Economics

Latest Release:

Date:

Big Surprise:

AUD

Actual:

57.4

Forecast: 56.4

Previous/Revision:

46.6

Period: Feb

What Does It Measure?

The Australia Markit Services PMI Final measures the performance of the services sector within the Australian economy. It specifically focuses on areas such as employment, new business, and output levels, using key indicators to assess overall economic health, where a reading above 50 indicates expansion and below 50 signifies contraction.

Frequency

This indicator is released monthly and is typically published around the first business day of the month, providing a final figure that reflects comprehensive data after preliminary estimates.

Why Do Traders Care?

Traders monitor the Australia Markit Services PMI Final closely because it serves as a barometer of economic activity within the country's services sector, impacting major assets like the Australian dollar (AUD), stocks, and bonds. Stronger-than-expected results can bolster confidence in the economy, leading to bullish movements in currencies and equities, whereas weaker outcomes may generate bearish sentiment.

What Is It Derived From?

The PMI is derived from surveys conducted among purchasing managers in the services sector, where they provide insights based on business conditions. The index is calculated using a diffusion index methodology, which considers responses that indicate improvements, stagnations, or declines in business activity.

Description

The Australia Markit Services PMI Final releases data indicating the overall performance of the services sector, with a scale where values above 50 reflect growth in output and lower values indicate a contraction. The report is essential for understanding trends in consumer demand and general economic health which are pivotal for policymakers and investors.

Additional Notes

This indicator is classified as a leading economic measure, providing valuable insights that can inform predictions about the overall economic direction. It is related to other economic indicators such as the Manufacturing PMI, which together offer a comprehensive view of the economy's performance.

Bullish or Bearish for Currency and Stocks

Higher than expected: Bullish for AUD, Bullish for Stocks.

Legend

High Potential Impact
This event has a strong potential to move markets significantly. If the 'Actual' value differs enough from the forecast or if the 'Previous' value is significantly revised, it signals new information that markets may rapidly adjust to.

Medium Potential Impact
This event may cause moderate market movement, especially if the 'Actual' deviates from the forecast or there's a notable revision to the 'Previous' value.

Low Potential Impact
This event is unlikely to affect market pricing unless there's an unexpected surprise or a major revision to prior data.

Surprise - Currency May Strengthen
Actual deviated from Forecast on a medium or high impact event and historically could strengthen the currency.

Surprise - Currency May Weaken
Actual deviated from Forcast on a medium or high impact event and historically could weaken the currency.

Big Surprise - Currency More Likely To Strengthen
'Actual' deviated from 'Forecast' more than 75% of historical deviations on a medium or high impact event and may likely strengthen the currency.

Big Surprise - Currency More Likely To Weaken
'Actual' deviated from 'Forecast' more than 75% of historical deviations on a medium or high impact event and may likely weaken the currency

Green Number	Better than forecast for the currency (or previous revise better)
Red Number	Worse than forecast for the currency (or previous revise better)
Hawkish	Supports higher interest rates to fight inflation, strengthening the currency but weighing on stocks.
Dovish	Favors lower rates to boost growth, weakening the currency but lifting stocks.

Date	Actual	Forecast	Previous	Surprise
Mar 02, 2022	57.4	56.4	46.6	1
Feb 02, 2022	46.6	45	55.1	1.6
Jan 05, 2022	55.1	55.1	55.7
Dec 02, 2021	55.7	55	51.8	0.7
Nov 02, 2021	51.8	52	45.5	-0.2
Oct 04, 2021	45.5	44.9	42.9	0.6
Sep 02, 2021	42.9	43.3	44.2	-0.4
Aug 03, 2021	44.2	44.2	56.8
Jul 04, 2021	56.8	56	58	0.8
Jun 02, 2021	58	58.2	58.8	-0.2
May 04, 2021	58.8	58.6	55.5	0.2
Apr 06, 2021	55.5	56.2	53.4	-0.7
Mar 02, 2021	53.4	54.1	55.6	-0.7
Feb 02, 2021	55.6	55.8	57	-0.2
Jan 05, 2021	57	57.4	55.1	-0.4
Dec 02, 2020	55.1	54.9	53.7	0.2
Nov 03, 2020	53.7	53.8	50.8	-0.1
Oct 04, 2020	50.8	50	49	0.8