The preliminary readings for September are here:
Australia preliminary Sept PMI: Manufacturing 46.7 (prior 48.5) Services 50.6 (prior 52.5)
Finals are, services 50.5
composite 49.6
In brief from the report:
Final September PMI confirms sluggish economic growth, similar to Flash release.Services sector continues expanding, increasing staffing, but at a slower pace than early 2024.Business cost pressures remain, harder to pass on to consumers.Service sector activity remains above neutral but has slowed, with new business index averaging 51.4 in the last three months.Limited economic boost from tax cuts and stimulus; RBA likely to maintain cash rate.Employment growth in services sector slowing; public sector demand helps offset private sector decline.Output price pressures falling, but input costs still high, limiting profitability.Business outlook depends on household spending rebound in FY25.
This article was written by Eamonn Sheridan at www.forexlive.com.
