S&P with the flash PMI. Reopening boom over. Next up: recession. Full report.
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Australia’s private sector recorded a fifth straight month of growth, according to Flash PMI® data. Private sector output and new orders continued to expand at solid rates, leading to a continued expansion in Australia’s private sector workforce. That said, rates of expansion eased since April. Meanwhile, supply constraints persisted, contributing to a further accumulation of backlogged work.
Turning to prices, inflationary pressures remained severe and among the highest on record. Overall business confidence remained positive, but eased to the lowest in over two years.
The S&P Global Flash Australia Composite Output Index* eased from 52.9 in May (final reading) to 52.6 in June, a five-month low. This marked a fifth consecutive month of Australian private sector growth, albeit one that was the slowest in the current sequence of expansion.
