HomeLive CommentsAustralia PMI composite dropped to 6-mnth low, further deceleration in growth

Australia PMI composite dropped to 6-mnth low, further deceleration in growth

Australia PMI Manufacturing dropped from 56.2 to 55.7 in July. PMI Services dropped from 52.6 to 50.4, a 6-month low. PMI Composite dropped from 52.6 to 50.6, also a 6-month low.

Laura Denman, Economist at S&P Global Market Intelligence said: “Latest survey data has pointed to a further deceleration in the rate of private sector growth. Panellists suggested that interest rate increases, alongside persistent inflationary pressures, have been a pivotal factor contributing to the weakened private sector improvement this month. Further interest rate increases by Australia’s central bank present a downside risk to the private sector, with sentiment slipping to a 27-month low.”

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