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Financial News: Australia Private Sector Expands In September

Australia Private Sector Expands In September

09/23/2019 - 02:04:00 (RTTNews)

(RTTNews) - Australia's private sector returned to positive territory in September, survey data from IHS Markit showed on Monday.

The Commonwealth Bank of Australia flash composite output index rose to 51.9 in September from 49.3 in August. Any score above 50 indicates expansion in the sector.

New order growth increased moderately in September, while the new export orders remained unchanged.

Backlogs of work rose slightly in September and employment increased fractionally as companies were not willing to take additional staffs.

On the price front, input prices grew at the sharpest pace in eleven months in September, while the output price inflation slowed to the lowest level in five months.

Business confidence improved for the second straight month and to the highest level since August previous year.

The services Purchasing Managers' Index, or PMI, grew to 52.5 in September from to 49.1 a month ago. Meanwhile, the factory PMI contracted to 49.4 from 50.9 in the previous month.

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