S&P Global/Judo Bank Australia Manufacturing Purchasing Managers' Index (PMI) for September 2023, the final reading has come in at sad-looking 48.7
- preliminary was 48.2, prior 49.6
- 48.7 is the seventh consecutive month in contraction
The key points made in the report:
- Output fell modestly amid marked reduction in new orders
- Staffing levels rose at the fastest rate since March
- Selling price inflation accelerated to a four-month high
Still-strong employment is a positive. Higher demand may underpin inflation, which is still rising according to that third point the report makes. The Reserve Bank of Australia meet Tuesday and an on-hold decision is widely expected. But for how much longer? Earlier previews canvas what might lie ahead:
- Rising Australian inflation, "its not safe to conclude that the RBA rate cycle has peaked"
- RBA policy meeting next week - on hold expected
Back in April this hit its lowest since 2020.