FX.co ★ Australia's Private sector Shows Slower Growth in December

The S&P Global Australia Composite PMI edged down to 51 in December, compared to 52.6 in November, according to final data. This marks the fifteenth consecutive month of expansion, although the growth rate has slowed to the lowest level in seven months. The tempering of growth was driven by reduced momentum in both manufacturing and services sectors. Conversely, new orders experienced a more robust increase, buoyed primarily by the strengthening of the service sector. Job creation picked up speed, helping companies to clear backlogged orders effectively. Meanwhile, the rates of inflation for input costs and output prices saw a slight uptick from November, indicating persistent pricing pressures. Despite these challenges, business confidence rose, reflecting optimism for sustained growth in the upcoming year.