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Australia PMI January 2024

Australia: Composite PMI improves in January

The Judo Bank Australia and S&P Global Composite Purchasing Managers’ Index (PMI) rose to 49.0 in January from December’s 46.9. However, the index remained entrenched below the 50-threshold, pointing to deteriorating business activity from the previous month.

The Manufacturing PMI came in at 50.1 in January, up from December’s 47.6. New orders and output fell less sharply in January. Moreover, jobs were shed at a slower clip in the month. On the prices front, input cost and output price inflation eased. Additionally, business sentiment improved amid hopes of rising sales ahead.

The Services PMI rose to 49.1 in January from 47.1 in December. Demand stabilized, while levels of outstanding business were lowered thanks to higher employment. Meanwhile, input and output price inflation softened. Lastly, business confidence strengthened amid hopes of better economic conditions and prospects of lower interest rates in 2024.

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