Australian Q2 2023 Business Inventories -1.9% q/q (vs. expected +0.4%)

<p>April – June quarter data from Australia. </p><p>Business Inventories -1.9% </p><ul><li>expected 0.4%, prior 1.2%</li><li>the surprise drop in this will drag down Q2 GDP by around 1%</li></ul><p>Gross Company Profits -13.1% q/q</p><ul><li>expected -1.9%, prior +0.5%</li><li>mining company profits slumped, dragging down this number</li></ul><p>Company Profits Pre-Tax -14.6% q/q</p><ul><li>prior -7.5%</li></ul><p>more to come</p><p>Also published were Australian ANZ Indeed Job Advertisements for August: -1.9% m/m</p><ul><li>prior +0.7%</li><li>for the y/y -7.7% (note they are up more than 50% compared with pre-pandemic numbers_)</li></ul>

This article was written by Eamonn Sheridan at www.forexlive.com.