The growth streak for the Australian private sector ended in July according to Flash PMI® data which showed business activity in contraction. Survey respondents signalled that renewed restrictions, brought about by the spread of the Delta variant of the COVID-19 virus, affected demand and output in the country. Business sentiment likewise softened in the month. That said, employment and price gauges remained in growth, albeit showing softer readings compared to June. Plunging from 56.7 in June (final reading) to 45.2 in July, the IHS Markit Flash Australia Composite Output Index* fell to a 14-month low and pointed to ... (full story)