Australia’s private sector showed tentative signs of stabilization in October, as the S&P Global Manufacturing & Services (Composite) PMI inched up to 48.20 from 47.70, based on month-over-month comparisons. While the index remains below the 50-point threshold that separates expansion from contraction, the latest reading suggests the pace of decline in overall business activity has moderated.
Both the previous and current indicators relate to October 2026, with the earlier 47.70 reading reflecting the month-over-month change versus September, and the updated 48.20 figure capturing an improvement within the same comparison framework. The data, last updated on 3 November 2026, indicates that although demand conditions remain soft, the contraction in Australia’s manufacturing and services sectors is becoming less pronounced heading into the final quarter of the year.
From a month-over-month perspective, the move from 47.70 to 48.20 signals a modest recovery in sentiment and output momentum. However, with the composite PMI still below 50, Australian firms are likely to remain cautious on hiring and investment until clearer signs of a sustained upturn emerge in the coming months.