Australia’s composite index continued to expand in December, albeit at a slower pace, the latest survey from S&P Global revealed on Tuesday with a composite PMI score of 51.1.
That’s down from 52.6 in November, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.
The survey also showed that the manufacturing index improved to 52.2 from 51.6 in November, while the services PMI fell to 51.0 from 52.8.
Higher new business inflows underpinned the latest rise in business activity. While solid, the rate at which new orders rose was slower than in November. This was mainly due to a deceleration in the rate of services new business growth amid heightened competition and with a more modest rise in services new export business.
Overall, new export business grew at an unchanged rate from November, as a fresh increase in new export orders for goods helped offset the softening growth in services exports. As a result of continued new business growth, Australian businesses hired additional staff to cope with ongoing workloads. Some firms also indicated that they have raised their staffing levels in anticipation of higher future output.
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