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Financial News: Australia Private Sector Growth Rises In June

Australia Private Sector Growth Rises In June

06/21/2019 - 02:44:00 (RTTNews)

(RTTNews) - Australia's private sector grew rose further in June, driven by expansion in output and new business, flash data from IHS Markit showed on Friday.

The Commonwealth Bank flash composite output index rose to 53.1 in June from 51.5 in May. Any readings above 50.0 signal growth in the sector.

Output and new order business expanded at the sharpest rate in seven months in June. Backlogs of works increased raising employment level for the second straight month.

Input cost rose at the fastest pace since November last year, while the selling price inflation was moderate.

Business confidence rose to its highest since January reflecting improved market confidence after the federal election.

The services Purchasing Managers' Index, or PMI, rose to 53.3 from 51.5 in the previous month. The indicator signaled fastest growth in seven-months.

The manufacturing PMI rose to 51.7 in June from 51.0 in the preceding month.

"The uncertainty generated by the federal election has been removed which appears to have had a positive impact on business activity," CBA senior economist Gareth Aird, said.

"The combination of monetary policy stimulus, forthcoming tax rebates and strong employment growth has contributed to the sharpest lift in the index since late last year."

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