22.09.202523:05:36UTC+00Australia Private Sector Shows Slowest Growth in 3 Months

In September, the S&P Global Flash Australia Composite PMI decreased to 52.1 from August's 55.5, reaching its lowest point in three months yet still indicating a twelfth consecutive month of economic growth. There was a notable slowdown in output growth across manufacturing and services, primarily due to reduced inflows of new work. Notably, new orders for goods contracted at their fastest rate in eight months. Additionally, new export orders saw a slight decline, as the increase in services exports failed to compensate for the weakness in the goods-producing sector, with US tariffs negatively affecting overseas demand. Business confidence hit its lowest point in a year, largely due to concerns about trade policy and future growth prospects. Meanwhile, employment figures continued to improve, aided by increased staffing levels that enabled firms to reduce backlogs for the fifth month in a row. Input prices remained high, especially in the manufacturing sector, while selling price inflation fell to a three-month low, attributed to softer service output prices and heightened competition.