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Australia PMI October 2023

Australia: Composite PMI falls in October

The Judo Bank Australia and S&P Global Composite Purchasing Managers’ Index (PMI) fell to 47.6 in October from September’s 51.5. Consequently, the index moved below the 50-threshold, pointing to deteriorating business activity from the previous month.

The Manufacturing PMI came in at 48.2 in October, down from September’s 48.7. New orders fell more heavily in October, which translated into another marked contraction in output. Moreover, the rate of job creation eased from the previous month despite labor constraints. On the prices front, input costs rose at the fastest pace in seven months, while output prices increased at the softest clip in three months. Lastly, business sentiment weakened amid an increasingly competitive environment, higher costs and concerns over domestic and external demand.

The Services PMI fell to 47.9 in October from 51.8 in September. The decline in the headline print was driven by the fastest drop in new orders in 25 months as well as by slower growth in employment. Moreover, output contracted markedly. Meanwhile, input price inflation accelerated, while output price inflation cooled. Lastly, business confidence fell to the lowest level since July.

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