Australia Composite PMI

The Judo Bank Australia Composite Output Index increased to 53.6 in April 2024 from 53.3 in the preceding month, flash data showed. The Australian private sector expanded for a third consecutive month and at the quickest pace since April 2022. While business activity growth was mainly driven by the service sector, the rate of decline in manufacturing output slowed to the least in eight months. This was supported by a slower reduction in new orders, while faster inflows of services and new business led to overall new orders rising at the fastest pace in nearly two years. Firms increased their staff levels to cope with ongoing workloads, mainly observed in the service sector. Input prices rose at a quicker rate at the start of the second quarter, attributed to rising cost inflation in both the manufacturing and service sectors. However, the pace of increase in selling prices eased for a second successive month as some firms aimed to support sales.