Australia Private Sector Growth Eases To 3-Month Low

(RTTNews) - Australia's private sector grew at the slowest pace in three months in September, flash survey results from S&P Global showed Wednesday.

The composite output index dropped to 50.8 from 52.7 in August. However, a reading above 50.0 indicates expansion.

The survey showed that the private sector output expanded for a fourth successive month but the upturn was the weakest seen across the third quarter.

At the broad sector level, services activity growth was sustained, albeit at a slower pace. Meanwhile, manufacturing output declined at the strongest pace in 21 months.

The services Purchasing Managers' Index fell to 51.4 from 53.2 in the previous month. At 49.3, the manufacturing PMI was down from 52.0.

A fresh fall in export business weighed on overall new orders growth. At the same time, the slower expansion in new business triggered the first round of job losses since May. Business sentiment declined to its weakest in three months.

On the price front, the rate of input price inflation picked up to its highest in three months and output charges rose at a strong rate that was more pronounced than in August.