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Financial News: Australia Private Sector Contracts For Second Straight Mon

Australia Private Sector Contracts For Second Straight Month

11/23/2022 - 00:45:00 (RTTNews)

(RTTNews) - Australia's private sector shrank for the second consecutive month in November, flash survey results S&P Global showed on Wednesday.

The S&P Global flash composite output index fell to 47.7 in November from 49.8 in October. This was the lowest reading in ten months. The score has remained below the neutral 50.0 for a second month in a row, signaling contraction.

Private sector output declined in November in tandem with new orders. The fall in demand was severe in services, while demand for manufactured goods stayed in expansion zone.

Despite declining demand, firms continued to increase their workforce capacity at a solid rate.

On the price front, the survey showed that both input and output prices increased at faster rates.

Although overall sentiment in the private sector remained positive, the level of business confidence slipped to the lowest since April 2020.

The services Purchasing Managers' Index dropped to a 10-month low of 47.2 in November from 49.3 in October.

At the same time, the manufacturing PMI posted 51.5 versus 52.7 a month ago. The index slid to a 29-month low in November but the score signaled expansion.

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