Australia starts to slide back into recession

 This is a chart of S&P Global's Australian manufacturing PMI.   

This kind of index is a diffusion index, i.e., it measures the percentage rising over the previous month.   At 50%, half are rising and half falling, which I call the "recession line".   The PMI has just dipped below 50%, on its way down.

The services PMI (October data not yet released) is still above 50, but it has been trending down.  The unemployment rate recently spiked up.  And the Reserve Bank of Australia is paralysed with terror about a slight rise in underlying inflation and won't cut rates.  By the time they do, it will be too late to prevent recession.