These are the 'final' results for the month, the preliminaries and priors can be found here:
For services - improving:
- Strengthening demand conditions, both abroad and at home, contributed to business activity returning to growth in September.
- Overall new business intakes rose at the fastest rate for three months, supported by rising service exports.
- Sales growth was linked to increased marketing activities and low interest rates while a weaker Australian dollar also boosted overseas orders, according to anecdotal evidence.
- Higher inflows of new business also led to a further rise in backlogs of work. The Business Expectations Index rose to a 13-month high, with firms expecting improved economic conditions, an anticipated recovery in the housing market, as well as increased promotional activites and new service offerings to drive business activity over the next 12 months.
- Australian service providers expanded their workforce numbers for a second month running in September amid greater sales growth. However, there were mentions of cost cutting measures at some firms that reported lower employment.
- Input price inflation intensified in September. Higher costs for energy, wage increases and drought-related disruptions were cited as factors behind cost inflation. Firms however were unable to raise their fees at a pace anywhere near the increase in costs. Instead, output charges were raised at the slowest pace for five months and only modestly.
Composite;
more to come
---
Earlier:
- Australia Services PMI for September: 51.5 (prior 51.4) (this the AiG one)
