22.09.202523:17:22UTC+00Australia Services PMI Expansion Slows in September

The S&P Global Flash Australia Services PMI Business Activity Index indicated a slight deceleration, registering at 52 in September compared to 55.8 in August. This slowdown is attributed to a reduction in new business growth, marking its weakest expansion in three months. The dip was primarily due to softer demand dynamics, highlighted by a renewed decline in export orders that affected overall activity levels. Confidence within the sector also waned, descending to its lowest point in a year, as service providers became less optimistic about future output growth. On the cost front, while input prices continued to rise, they did so at a reduced rate, partially alleviating broader inflationary pressures within the economy. Additionally, the inflation rate for selling prices in the services sector dropped to its lowest in three months, as companies struggled to transfer higher costs to consumers amidst intensified competition.