Growth! S&P flash PMI.
Flash Australia Composite PMI Output Index: 54.9 (Jul: Index, sa, >50 = growth m/m % qr/qr 53.8)
Flash Australia Services PMI Business Activity Index: 55.1 (Jul: 54.1)
Flash Australia Manufacturing PMI: 52.9 (Jul: 51.3)
Flash Australia Manufacturing PMI Output Index: 53.9 (Jul: 52.3)
Australia’s business activity growth accelerated midway through the third quarter, with faster expansions across both the manufacturing and service sectors.
This was supported by higher new work inflows, including a renewed expansion in exports.
In turn, Australian private sector firms raised their staffing levels at a faster rate to cope with additional workloads.
Business sentiment also improved slightly from July.
On prices, both the rates of input cost and output price inflation eased in the latest survey period.
The headline seasonally adjusted S&P Global Flash Australia PMI© Composite Output Index posted above the 50.0 no change mark for an eleventh consecutive month to signal an expansion in business activity in August.
At 54.9, up from 53.8 in July, the latest reading was the highest since April 2022 and indicated a solid expansion in output.
Notably, both manufacturing output and services activity also rose at the fastest rates in 40 months.
The first growth pulse since the election of the Albanese government. And all it took was for it to stop spending.
Labor really can’t manage money.
