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Australia PMI March 2024

Australia: Judo bank Australia services PMI shows growth in March

The Judo Bank Australia Services Purchasing Managers’ Index (PMI) rose to 54.4 in March from 53.1 in February. As a result, the index moved further above the 50.0 no-change threshold and signaled a faster improvement in services sector operating conditions compared to the previous month.

The acceleration in the services sector’s growth was primarily driven by a continued increase in new business for the second straight month. Despite a decline in new export business due to reduced overseas demand, the overall rise in new orders resulted in the first accumulation of backlogged work since May 2022.

Regarding prices, the end of the first quarter saw overall input prices continue to rise due to increased costs for input materials, fuel, and wages. However, the rate of inflation decreased to its lowest since October 2021, leading to a marginally softer pace in the increase of service charges. Meanwhile, overall sentiment in the Australian service sector was positive, with confidence reaching a seven-month high.

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