Australian (final) services PMI for September 50.5 (prior 52.5)

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.