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Financial News: Australia Private Sector Growth Slowest In 4 Months

Australia Private Sector Growth Slowest In 4 Months

02/19/2021 - 01:05:00 (RTTNews)

(RTTNews) - Australia's private sector growth slowest in four months in February, flash survey data from IHS Markit showed on Friday.

The flash composite output index fell to 54.4 in February from 55.9 in January. Any score above 50 indicates expansion in the sector.

Output rose for the sixth consecutive month in February and new orders grew at a softer pace.

Backlogs of orders rose for the first time in seven months in February and the rate of job creation was the sharpest since October 2018.

Input cost inflation quickened at the steepest since the beginning of data collection in May 2016. Selling prices increased and the rate of inflation was solid.

"This was a response not only to sustained growth of new orders, but also signs of capacity pressures returning and greater confidence in the future outlook," Andrew Harker, Economics Director at IHS Markit, said.

The manufacturing Purchasing Managers' Index fell to a 2-month low of 56.6 in February from 57.2 in January.

The services PMI decreased to a 4-month low of 54.1 in February from 55.6 in the previous month.

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