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Summary
- Even as the RBA’s monetary policy decision is highly anticipated, a few other critical data releases are already out.
- The Australian Bureau of Statistics (ABS) released data on manufacturing PMI, building approvals, and consumer confidence numbers earlier today.
- Manufacturing PMI and consumer confidence data was also released by separate agencies.
The economists are expected to closely track several key economic data releases scheduled this week as the Australian economy recovers from the coronavirus-induced challenges. While the market awaits the Reserve Bank of Australia’s (RBA) announcement on monetary policy, a few other key data releases are already out, including manufacturing PMI, building approvals, and consumer confidence numbers.
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Source: © Pgangler | Megapixl.com
Manufacturing PMI grows at a record rate
The manufacturing sector grew at a record rate in May as the domestic economy recovered from pandemic-related disruptions. The manufacturing purchasing managers index, or PMI, compiled by IHS Markit, a financial data group, stood at 60.4 in May, on a seasonally adjusted basis, up from 59.7 in April.
READ MORE: Why Do Markets Not React Much To GDP Data?
Consumer confidence dips
Consumer confidence fell 2.5% following a seven-day lockdown in Melbourne. Consumer confidence fell 2.5%, according to a weekly poll from ANZ and Roy Morgan, the research company. The study revealed that the confidence fell the most in Sydney and Brisbane. Confidence fell 3.8% in Melbourne but was down more sharply in Brisbane (-4.7%) and Sydney (-4.5%).
House prices increase
The house prices increased 2.2% in May from the previous month, according to CoreLogic data. In April, a 1.8% rise was recorded in house prices. The rising costs have pushed up the home prices of 97% of the more than 300 sub-regions CoreLogic tracked over the past three months.
READ MORE: COVID-19 effect: Healthcare takes over retail as biggest employer for Aussies
Dwelling approvals decline
According to data released today by the Australian Bureau of Statistics (ABS), the number of dwellings approved fell 8.6 per cent in April, following an 18.9 per cent rise in March,
Current account surplus hits a record high
Australia's current account surplus increased AU$2.3 billion to a record AU$18.3 billion in the March quarter 2021 according to latest figures from ABS. Exports of goods and services rose 7%, while imports of goods and services rose 3%.
Source: © Kzlobastov | Megapixl.com
Data releases ahead
Wednesday – Data on gross domestic product (GDP), consumption, investment and income and savings.
Thursday - International trade in goods and services; retail trade; assets and liabilities of Australian securitisers; corrective services and industrial disputes.
Friday- Lending indicators and characteristics of Australian business.
READ MORE: Joblessness in Australia down to pre-pandemic levels
