Australia's services engine stalls as PMI slides below 50 for the first time since May
Australia's services sector shrank in October for the first time in five months, with S&P Global's business activity index sliding to 48.5. That's under the 50 mark that separates growth from decline — and the weakest reading in seven months. The composite gauge slipped below 50 too, landing at 48.2.
Australia's services engine sputtered out in October. The seasonally adjusted S&P Global Australia Services PMI Business Activity Index landed at 48.5, down from 51.9 a month earlier, S&P Global said Monday. That's below the 50 line that separates growth from shrinkage — and the first time it has fallen under since May.
The pullback also dragged the composite reading down with it. The composite PMI came in at 48.2 in October, down from 51.3 in September, meaning the weakness wasn't confined to services alone.
The 48.5 print is the lowest in seven months and ends a five-month run of expanding services activity. S&P Global Market Intelligence's Jingyi Pan pinned the reversal on a mix of capacity constraints and cooling demand growth, according to the report.
Watch the next batch of data for whether this is a one-month wobble or the start of a deeper slide. For now, the number that matters is the one sitting under 50.
TopicsS&P Global · S&P Global Market Intelligence · Jingyi Pan · S&P Global Australia Services PMI Business Activity Index · Australia
Source: breakingthenews.net
Written by Paparazzi with AI. Not financial advice.
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