Final S&P Global / Judo Bank Services PMI for January 2024 is 49.1

(prior 47.1)

Composite 49.0

  • prior 46.9

We had the manufacturing PMI last week:

Preliminary readings for the three are here.

Commentary from the report on employment and inflation:

  • “Resilience in labour demand continues to play an essential role in moderating the slowdown in the Australian economy. The employment index for January remained above the neutral level, close to where it has resided over the past three months. Despite the economy cooling, businesses continue to see consumer demand exceed their supply capabilities, hence the continued efforts to grow their workforces. Over the past year, the resilience in employment and labour demand has effectively put a floor under how much Australia's economy can slow down.
  • “Price pressures facing consumers have continued to ease across the services sector. With demand softening in the economy, the seasonally adjusted Prices Charged index has fallen a level last seen in mid-2021 before inflation levels began to rise. Input price pressures have also continued to ease, albeit at a slower rate. The input price index fell to a level, which, while still inconsistent with a 2-3% inflation rate, was at the lowest recorded level seen since mid-2021. These results, alongside official data releases, will likely see the RBA board hold the cash rate at 4.35% in their February meeting, as the economy appears to be following its narrow path to a 2-3% inflation rate.


The Reserve Bank of Australia are meeting today and tomorrow (February 5 and 6). The decision is expected to keep the cash rate on hold at its current 12 year high:

  • statement due at 2.30 pm Sydney time on Tuesday, 6 February 2024 (0330 GMT, 2230 US Eastern time)


The Reserve Bank of Australia has embarked on a new era of meetings and communications. A press conference from Reserve Bank of Australia Governor Bullock will follow.

rba dates 2024