2024-03-21 02:44:10 ET
-
The Judo Bank Flash Australia Manufacturing PMI for March decreased to 46.8 from February's 47.8, marking a sharp decline in manufacturing sector conditions, primarily due to a decrease in new orders and output.
-
The Judo Bank Flash Australia Services PMI business Activity Index rose to 53.5 in March from 53.1 in February, indicating a second consecutive expansion and the fastest pace since last April.
-
The Judo Bank Australia Composite Output Index increased to 52.4 in March 2024 from 52.1 in the previous month, indicating a second consecutive month of private sector growth in Australia, driven by service sector expansion.
-
Separately, the latest figures showed that Australian employment jumped 116,500 in February, much more than market forecasts for a 40,000 increase. The unemployment rate also fell to a five-month low of 3.7% last month, coming in better than market expectations of 4%, as the number of unemployed individuals dropped by 52 thousand to 548.3 thousand.
-
Additionally, monthly hours in all jobs rose by 53 million, or 2.8%, to 1,933 million.
-
The S&P/ASX 200 Index jumped 1.12% to close at 7,782 on Thursday.
-
Currency: ( USD:AUD )
-
More on Australia
Read the full article on Seeking Alpha
For further details see:
Australia's March services PMI rises to 53.5, manufacturing PMI eases to 46.8