Australia PMI Manufacturing rose to 55.5 in September, up from 53.6, hitting a 29-month high. PMI Services also improved slightly to 50.0, up from 49.0. PMI Composite rose to 50.5, up from 49.4, back in expansion.

Bernard Aw, Principal Economist at IHS Markit, said: “The latest PMI data showed signs of stabilisation in Australia’s private sector business conditions during September, with activity and sales increasing marginally after falling in August amid tightening containment measures to contain a surge in new infection cases. However, other survey indicators suggest that the rebound may lack legs going forward. The absence of capacity pressure led to a further and sharper decline in workforce numbers, highlighting the prospect of rising unemployment.”

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