23.10.202522:07:42UTC+00Australia Private Sector Expands for 13th Month

The S&P Global Flash Australia Composite PMI increased slightly in October, reaching 52.6, compared to 52.4 in September. This indicates sustained expansion for the thirteenth month, although a notable divergence between sectors was observed. The services sector saw accelerated growth, with the Services Business Activity Index climbing to 53.1 from 52.4. In contrast, the Manufacturing PMI declined to 49.7 from 51.4, marking a contraction. New orders for goods diminished at the fastest rate this year, with manufacturing export orders weakening. However, exports in the services sector contributed to stabilizing overall new export business. Business confidence reached an 11-month low. Nonetheless, employment rose for the tenth consecutive month, primarily fueled by hiring in the service sector, which aided in reducing backlogs for a sixth month. Input cost inflation nearly reached a one-year low, despite manufacturing input prices rising at the fastest rate since April, and selling price inflation declined to its slowest rate in approximately five years.