Australia’s November flash PMIs delivered a surprisingly upbeat signal, with manufacturing jumping back into expansion at 51.6 after October’s soft 49.7. Services PMI also nudged higher from 52.5 to 52.7, lifting Composite Index from 52.1 to 52.6. The rebound in manufacturing is particularly encouraging given the sector’s recent weakness.
S&P Global’s Jingyi Pan noted that new orders in goods returned to expansion for the first time since August, helping lift overall momentum. Rising business optimism—now at a five-month high—also points to firmer activity ahead.
Price pressures, while slightly firmer than at the start of the quarter, remain “broadly muted”. Employment growth slowed, but survey responses indicate this was driven partly by “hiring challenges” rather than a sharp loss in demand, particularly in the services sector.
