Judo Bank S&P Global PMI Final for April 2024
Services 53.6
- preliminary was 54.2, prior was 54.4
Composite 53.0
- preliminary was 53.6, prior was 53.3
Still solidly in expansion for both. Not so for the other PMI released earlier this week:
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From the services PMI report, in brief:
Matthew De Pasquale, Economist at Judo Bank said:
- ongoing rebound in activity levels, continued employment growth, and improved business confidence
- services sector is driving the improvement in economic activity levels
- services sector ... continuing to expand headcounts, with the employment index indicating moderate employment growth in April. ... the index above its neutral level since August 2021
- Input price pressures remain elevated on pre-pandemic levels and appear to have stagnated in their descent, averaging 61.8 over the past few months, 5.0 points higher than the pre-pandemic average. The output price index is closer to the pre-pandemic levels at 54.2 but also appears to have stagnated in its descent towards the neutral level.
These analysts at Judo have been all over inflation, calling the stickiness at its high level. The RBA won;t be cutting any time soon.
