Judo Bank S&P Global PMI Final for April 2024
Services 53.6
- preliminary was 54.2, prior was 54.4
Composite 53.0
- preliminary was 53.6, prior was 53.3
Still solidly in expansion for both. Not so for the other PMI released earlier this week:
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From the services PMI report, in brief:
Matthew De Pasquale, Economist at Judo Bank said:
- ongoing rebound in activity levels,
continued employment growth, and improved business
confidence - services sector is driving the improvement in economic
activity levels - services sector … continuing to expand
headcounts, with the employment index indicating
moderate employment growth in April. … the index above its neutral level since August 2021 - Input price
pressures remain elevated on pre-pandemic levels and
appear to have stagnated in their descent, averaging
61.8 over the past few months, 5.0 points higher than the
pre-pandemic average. The output price index is closer to
the pre-pandemic levels at 54.2 but also appears to have
stagnated in its descent towards the neutral level.
These analysts at Judo have been all over inflation, calling the stickiness at its high level. The RBA won;t be cutting any time soon.