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Financial News: Australia's Private Sector Expands At Slower Pace

Australia's Private Sector Expands At Slower Pace

07/24/2019 - 00:41:00 (RTTNews)

(RTTNews) - Australia's private sector expanded at a slower pace in July reflecting weakness across the manufacturing and service sectors, survey data from IHS Markit showed Wednesday.

The Commonwealth Bank of Australia flash composite output index fell to 51.8 in July from 52.5 in June. Nonetheless, a score above 50 indicates expansion.

The services Purchasing Managers' Index came in at 51.9 versus 52.6 a month ago. Similarly, the factory PMI dropped to 51.4 from 52.0 in June.

Overall new orders grew at a slower pace at the start of third quarter. Slower growth fed through to staffing levels, which decreased for the first time in three months.

On price front, data showed that the rate of input cost inflation continued to accelerate and was sharp in July, while output prices were raised moderately.

Sentiment regarding the 12-month outlook for business activity was broadly in line with that seen in June.

Overall the "flash" PMI does suggest business activity should continue to expand in the third quarter, CBA senior economist Belinda Allen, said.

"A combination of monetary policy stimulus, tax rebates currently hitting household bank accounts and early signs of a recovery in the housing market should see the Australian economy stabilise, if not pick up over the 2H 2019," Allen added.

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