FX.co ★ Australia Composite PMI Hits 27-Month High

The S&P Global Australia Composite PMI experienced an increase to 53.8 in July, up from 51.6 in June, indicating the most robust expansion in private sector activity since April 2022. This marked the tenth consecutive month of growth, fueled by a quicker ascent in services activity and a resurgence in manufacturing output. While new orders showed an uptick, export business continued to wane. To manage increasing workloads, companies accelerated their hiring processes, which in turn eased backlogs. Meanwhile, cost inflation intensified, with heightened demand prompting the swiftest rise in average selling prices seen in almost two years. Despite these challenges, business sentiment overall remained optimistic, although confidence dipped to its lowest point in eight months.