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Australia PMI November 2023

Australia: Composite PMI falls in November

The Judo Bank Australia and S&P Global Composite Purchasing Managers’ Index (PMI) fell to 46.2 in November from October’s 47.6. Consequently, the index moved further below the 50-threshold, pointing to deteriorating business activity from the previous month.

The Manufacturing PMI came in at 47.7 in November, down from October’s 48.2. New orders fell more heavily in November, which translated into another marked albeit softer contraction in output. Moreover, jobs were shed in November. On the prices front, input cost and output price inflation moderated. Lastly, business sentiment weakened amid an increasingly competitive environment, high interest rates and softening economic conditions.

The Services PMI fell to 46.0 in November from 47.9 in October. The decline in the headline print was driven by the fastest drop in new orders in just over two years despite faster growth in employment. Moreover, output contracted markedly. Meanwhile, input price inflation accelerated, as did output price inflation. Lastly, business confidence fell to its second-lowest reading on record although it remained positive.

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