S&P Global: Australia’s services PMI slows to 50.6 in Sep. ’24

Australia’s services sector continued to expand in September, but the pace of growth slowed compared to the previous month. The Judo Bank Flash Australia Services PMI Business Activity Index fell to 50.6 in September 2024 from 52.5 in August 2024.

While the services sector remained above the 50.0 neutral mark for the eighth consecutive month, the rate of growth moderated alongside new business activity. Export business declined for the third time in four months, with a slight decrease.

To address ongoing workloads and clear backlogs, services firms increased their staff at a faster pace in September. Confidence levels remained above the rolling 12-month average, despite a slight decline from August.

Attribution: S&P Global PMI report

Subediting: M. S. Salama