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Australia PMI services falls to 51.9 as growth slows

S&P Global said services inflation pressures strengthened even as private-sector employment returned to contraction.

Reported · Written up by our desk · Major Pairs

Australia’s private-sector activity lost momentum in September, with S&P Global’s PMI Services dropping to 51.9 from 53.2, while the PMI Composite eased to 51.3 from 52.7, according to Action Forex.

Both readings stayed above the 50 no-change level for a fourth consecutive month, but Action Forex reports the data pointed to the slowest growth in three months, alongside the weakest pace of services new-business growth in the current three-month expansion sequence.

The report also showed services employment fell for the first time since May, as firms cited slower new-order growth and cost considerations, and overall private-sector employment returned to contraction. Business confidence slipped to a three-month low.

Action Forex added that inflation pressures became the more concerning signal, with services input-cost and output-price inflation accelerating from August and holding above their respective historical measures, despite softer underlying activity and weaker export business overall.

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