Right where the sadistic RBA wants it. Flash Australia PMI Composite Output Index(1): 49.4 (Oct: 50.2). 10-month low. Flash Australia Services PMI Business Activity Index(2): 49.6 (Oct: 51.0). 10-month low. Flash Australia Manufacturing Output Index(3): 47.9 (Oct:44.7). 6-month high. Backlogs of work depleted again in November to suggest a lack of pressure on business capacity.
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