Markit / S&P Global PMIs for September, final.
Services 50.6
- preliminary 50.4, prior 50.2
Composite 50.9
- preliminary 50.8, prior 50.2
more to come
Commentary from the report:
- “Despite recent RBA interest rate decisions and current global inflationary pressures, latest survey data displayed evidence that the Australian private sector economy may be able to avoid the recessions that are likely to be seen elsewhere. Following five months of slowing growth, Australian service companies registered a stronger improvement in business activity. New business also recorded accelerated growth with panel members mentioning that a sustained improvement in COVID-19 related challenges helped strengthen underlying demand.
- “A sustained easing in inflationary pressures is also encouraging to see and indicates that the recent interest rate hikes are having some effect on pricing levels. That said, with the 12-month outlook on output at a 29-month low and growth only mild, the RBA will have to remain cautious over any future base rate rises.”
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Earlier in the week we had the two manufacturing PMIs from Australia for September.