Albo’s endless stagflation is going great guns. Judo Bank with the report.
Flash Australia Composite PMI Output Index: 46.4 (Oct: 47.6), 27-month low
Flash Australia Services PMI Business Activity Index: 46.3 (Oct: 47.9), 26-month low
Flash Australia Manufacturing PMI Output Index: 47.2 (Oct: 45.8), 2-month high
Flash Australia Manufacturing PMI: 47.7 (Oct: 48.2), 42-month low
Australia’s private sector activity continued to decline midway through the final quarter of the year. Lower new business, including export business, negatively affected output. That said, employment continued to rise, supporting the clearance of backlogged work. Price pressures meanwhile intensified, further dampening business confidence.
The Judo Bank Flash Australia Composite PMI® Output Index* posted 46.4 in November, down from 47.6 in October. This signalled a second successive month of business activity decline and the quickest reduction since August 2021.
Sharper new business downturns in both the manufacturing and service sectors led to the latest fall in output according to panellists. This was amidst widespread reports of softening economic conditions and high interest rates negatively affecting budgets. As a result, composite new orders slipped at the sharpest pace since September 2021.
