FLAU - Australia factory PMI fall to 48 services PMI return to contractionary zone in October

2023-10-24 02:28:17 ET

• The Judo Bank Flash Australia Manufacturing PMI fell to 48 in October 2023, from 48.7 in the previous month, flash reading showed, marked the eighth successive monthly deterioration in business condition and the lowest figure in 6 months due to reduction in output and new orders as demand dampened.

• The Judo Bank Australia Services PMI fell to 47.6 in October 2023, from 51.8 in the prior month, flash data showed, reflecting 10 months of contraction in the services sector as activity declined the most since the beginning of 2023.

• The fall in business activity was due to decrease in new orders, weak demand climate, inflationary pressures and high interest rates.

• The Judo Bank Australia Composite PMI tumbled to 47.5 in October 2023 from 51.5 in the previous month, a preliminary reading showed. It was the lowest reading in 21 months driven by a solid decline in activity across Australia's private sector.

• ETFs: ( NYSEARCA: EWA ), ( NYSEARCA: FXA ), ( NYSEARCA: FLAU ).

• Currency: ( USD:AUD )

More on Australia economy:

• Australia's services sector rises to 51.8; composite PMI 4-month high in September

• RBA keeps interest rate on hold at 4.10% in October

• Australia Manufacturing PMI drops for seventh straight month to 48.7

• Australia's monthly CPI inflation rises to 5.2%, meets estimates

• Australia retail sales growth below forecasts amid high rates, sticky inflation

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