20.08.202523:15:40UTC+00Australia Services PMI Hits 40-Month High

In August, the S&P Global Flash Australia Services PMI Business Activity Index climbed to 55.1 from 54.1 recorded in July, indicating the most rapid growth seen in 40 months. This expansion was largely fueled by increased demand and a resurgence in new export business, particularly from the United States, Europe, and markets in the Asia-Pacific region. In response to rising workloads, service providers hired new staff at the fastest rate since April 2023. Although input costs remained high due to increased wages, material expenses, and shipping charges, the pace of inflation slowed, enabling firms to raise their selling prices more modestly. Consequently, output price inflation remained just slightly above the long-term average. In addition, business confidence rose as firms anticipated improved market conditions and additional growth opportunities in the coming year.