Australia’s composite PMI falls to 50.8 in September, growth slows sharply
Australia’s S&P Global Composite PMI fell to a preliminary 50.8 in September from 52.7 in August, the lowest in recent months. The services PMI dropped to 51.4, while manufacturing entered contraction at 49.3, its first sub-50 reading since March. S&P Global economist Eleanor Dennison cited supply chain pressures, softening demand, and renewed export weakness as headwinds. Inflationary pressures eased, offering potential policy room.
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Australia's September Composite PMI Falls to 50.8, Growth Momentum Weakens
According to S&P Global's flash data released on September 23, Australia's composite Purchasing Managers' Index (PMI) fell to 50.8 in September from 52.7 in August, marking a recent low. While still above the 50 threshold indicating expansion, the pace of growth has slowed significantly. The services sector PMI dropped to 51.4 from 53.2, providing less support to the overall index. Manufacturing PMI fell sharply to 49.3 from 52.0, entering contraction territory for the first time since March. S&P Global economist Eleanor Dennison noted that manufacturing is the weak area, with goods producers facing increased supply chain pressures. Positive signs include easing inflationary pressures, which could allow for policy adjustments. Business confidence remained optimistic but weakened marginally, with Dennison citing layoffs, rising costs, softening demand, and renewed export weakness as challenges for the private sector.
Australia's September Composite PMI Falls to 50.8, Growth Momentum Weakens
According to S&P Global's flash data released on September 23, Australia's composite Purchasing Managers' Index (PMI) fell to 50.8 in September from 52.7 in August, marking a recent low. While still above the 50 threshold indicating expansion, the pace of growth has slowed significantly. The services sector PMI dropped from 53.2 to 51.4, providing less support to the overall index. Manufacturing was a notable drag, with its PMI falling to 49.3 from 52.0, entering contraction territory for the first time since March. S&P Global economist Eleanor Dennison noted that manufacturing is the weak area of the economy, with goods producers facing increased supply chain pressures. On the positive side, inflationary pressures have eased, potentially allowing for policy adjustments. Business confidence remained optimistic but weakened marginally, with Dennison citing layoffs, rising cost pressures, softening demand, and renewed export weakness as challenges for the private sector.
Read sourceAustralia September S&P Global Services PMI Flash Falls to 51.4 from 53.2
The S&P Global Australia Services Purchasing Managers' Index (PMI) for September came in at a flash reading of 51.4, according to data released by financial information provider Jin10. This represents a decline from the previous month's final reading of 53.2. A PMI reading above 50 indicates expansion in the services sector, while a reading below 50 signals contraction. The September flash estimate suggests that the Australian services sector continues to grow, but at a slower pace compared to August. The data provides an early indication of economic activity in the services industry, which is a major component of Australia's economy. The flash PMI is based on approximately 85-90% of total survey responses and is subject to revision in the final release.
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Australia September Manufacturing PMI Falls to 49.3, Below 50 Contraction Mark
The S&P Global Australia Manufacturing Purchasing Managers' Index (PMI) flash estimate for September came in at 49.3, according to data released by financial information provider Jin10. This reading marks a decline from the previous month's final reading of 52.0 and falls below the 50.0 threshold that separates expansion from contraction in the manufacturing sector. The data suggests a deterioration in Australian manufacturing business conditions at the start of the third quarter, potentially reflecting weaker demand, supply chain pressures, or other economic headwinds. The flash PMI is an early indicator based on approximately 85-90% of total survey responses and is subject to revision in the final release. Market participants will watch for further details on sub-indices such as output, new orders, and employment to gauge the depth of the slowdown.
Australia September S&P Global Composite PMI Flash Falls to 50.8 from 52.7
The S&P Global Australia Composite PMI flash estimate for September came in at 50.8, down from the previous month's reading of 52.7. The data, released by financial information provider Jin10, indicates a slowdown in the expansion of Australia's private sector business activity. A reading above 50 signals expansion, while below 50 indicates contraction. The decline from August's 52.7 suggests that the pace of growth in the combined manufacturing and services sectors has moderated at the start of the third quarter. The flash estimate is based on approximately 85-90% of final survey responses and provides an early indication of economic trends.