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.
#Australian #final #services #PMI #September #prior #Forexlive
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