HomeLive CommentsAustralia PMI composite rose to 57.1, 10-mth high

Australia PMI composite rose to 57.1, 10-mth high

Australia PMI Manufacturing rose from 57.0 to 57.3 in March. PMI Services rose from 57.4 to 57.9, a 10-month high. PMI Composite rose from 56.6 to 57.1, also a 10-month high.

Jingyi Pan, Economics Associate Director at S&P Global said: “The Australian economy continued to expand strongly in March… reflecting robust business conditions post the COVID-19 Omicron wave. Price pressures worsened, however, unsurprisingly aggravated by the slew of issues including floodings in Australia, the Ukraine war and broader supply chain constraints…

“Higher employment levels in March had been a positive sign, though firms also widely reported higher wages. Meanwhile the reopening of the international borders led to the first new export business growth in the service sector since June 2021.”

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