S&P Global/Judo Bank services and composite PMIs are strong for September.
From the commentary to the report (in brief):
- a surge in output driven by a lift
in services sector activity - continued stability of
PMI price indices, especially input prices, suggests that inflation
will remain high and uncomfortable for the rest of 2023 - the magnitude of the increase suggests that
services sector activity is proving resilient to higher interest
rates - Sticky inflation and resilient services sector activity, evidenced
by both the Judo Bank PMIs and official economic data releases,
pose the question of whether the economy is slowing down
enough to achieve the soft-landing forecast by the RBA - Labour demand continues to prove resilient across both
sectors, with the composite employment index rising slightly
in September, well into expansion territory. - The service sector is experiencing persistently high input cost
inflation that exceeds pre-pandemic levels. The index rose
slightly to 62.6 in September and has held close to this level for
the past six months. With consumer demand proving more
resilient in the services sector, elevated input cost pressures will
likely keep upward pressure on final prices for the remainder of
2023.
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Preliminary and priors are here:
The manufacturing PMI for September: