2023-10-24 02:28:17 ET
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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.
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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.
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The fall in business activity was due to decrease in new orders, weak demand climate, inflationary pressures and high interest rates.
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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.
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ETFs: ( NYSEARCA: EWA ), ( NYSEARCA: FXA ), ( NYSEARCA: FLAU ).
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Australia factory PMI fall to 48, services PMI return to contractionary zone in October