The S&P Global Australia Composite PMI fell to 51.1 in July 2022 from a final reading of 52.6 in June, marking a sixth consecutive month of expansion in the Australian service sector, although at the slowest rate of growth in the current sequence. Similarly, composite demand growth eased to a six-month low, reflecting a slower rise in new orders across Australia's service sector. Interest rate hikes and the rising cost of living dampened overall demand, according to some survey respondents. Total private sector employment expanded in July and was supported by both monitored sectors. That said, the strength of the upturn eased from June amid reports of voluntary leavers and staff shortages. Meanwhile, inflationary pressures remained severe in July, with input cost inflation remaining historically elevated and selling price inflation surging to a fresh record high. Concerns surrounding prices and future demand levels led business sentiment to slip to a 27-month low. source: Markit Economics
Composite PMI in Australia averaged 52.36 points from 2016 until 2022, reaching an all time high of 58.90 points in April of 2021 and a record low of 21.70 points in April of 2020. This page provides - Australia Composite Pmi- actual values, historical data, forecast, chart, statistics, economic calendar and news. Australia Markit Composite PMI - data, historical chart, forecasts and calendar of releases - was last updated on August of 2022.
Composite PMI in Australia is expected to be 54.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Australia Markit Composite PMI is projected to trend around 53.70 points in 2023, according to our econometric models.