Australia Judo Bank / S&P Global data for December 2024.
Services PMI comes in at 50.8, 11th consecutive month of growth
From the report, in summary:
- Services activity growth aligned with stronger new business, supported by rising market demand.
- Export orders increased for the first time in four months, driven by higher demand from the US and Asia.
- Business confidence climbed to its highest level since May 2022, fueled by hopes for lower interest rates and opportunities from the 2025 elections.
- Employment fell for the first time since August 2021, reflecting reduced capacity pressures and challenges in securing skilled labor. However, job shedding was marginal.
Prices:
- Input costs rose at the fastest pace in three months due to higher material, transport, and wage costs.
- Firms increased output charges to offset rising expenses, though price hikes remained below long-term averages.
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Composite 50.2
- November was also 50.2
- third consecutive month of marginal private sector growth
- Expansion was limited to the services sector, as manufacturing output declined.
- Employment declined across the private sector, alongside a reduction in backlogged work.
- Input costs and output prices rose at an accelerated pace.
- Improved across both the manufacturing and services sectors by the end of the fourth quarter.
This article was written by Eamonn Sheridan at
www.forexlive.com.
