Australia Judo Bank Services PMI for December 50.8 (prior 50.5)

Australia Judo Bank / S&P Global data for December 2024.

Services PMI comes in at 50.8, 11th consecutive month of growth

• November was 50.5
• flash was 50.4 (more on the preliminary reading is here)

From the report, in summary:

• Services activity growth aligned with stronger new business, supported by rising market demand.
• Export orders increased for the first time in four months, driven by higher demand from the US and Asia.

• Business confidence climbed to its highest level since May 2022, fueled by hopes for lower interest rates and opportunities from the 2025 elections.

• Employment fell for the first time since August 2021, reflecting reduced capacity pressures and challenges in securing skilled labor. However, job shedding was marginal.

• Prices:

  • Input costs rose at the fastest pace in three months due to higher material, transport, and wage costs.
  • Firms increased output charges to offset rising expenses, though price hikes remained below long-term averages.

***

Composite 50.2

• November was also 50.2
• • third consecutive month of marginal private sector growth
  • Expansion was limited to the services sector, as manufacturing output declined.
  • Employment declined across the private sector, alongside a reduction in backlogged work.
  • Input costs and output prices rose at an accelerated pace.
  • Improved across both the manufacturing and services sectors by the end of the fourth quarter.

This article was written by Eamonn Sheridan at www.forexlive.com.