Australia's Private Sector Logs Slower Growth

Australia’s private sector logged a weaker growth in October, survey data from IHS Markit showed Thursday.

The Commonwealth Bank of Australia Flash Composite Output Index dropped to 50.7 in October from 52.0 in September. A score above 50 indicates expansion.

The score reflected a weaker rise in services activity, as manufacturing production stabilized following a decrease a month ago.

Output rose at a softer pace amid the slowest new order growth since April. Business confidence also weakened and firms raised their staffing levels only at a marginal pace.

Meanwhile, input costs continued to rise at a marked pace, leading firms to lift their selling prices to the greatest extent since last November.

The flash services Purchasing Mangers’ Index came in at 50.8 versus 52.4 a month ago. Likewise, the factory PMI dropped to 50.1 in October from 50.3 in the previous month.

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