Australia’s business activity growth slowed in September, dragged down by weaker new orders and renewed pressure on exports, a private survey showed on Tuesday.
The S&P Global Flash Composite Purchasing Managers’ Index (PMI) fell to 52.1 in September from 55.5 in August, staying above the 50 mark that separates growth from contraction for a 12th straight month.
The services activity index slowed to 52.0 from 55.8 in the previous month, while the manufacturing PMI declined to 51.6 from 53.0 as output growth also moderated.
Survey respondents cited softer inflows of new business, the weakest in three months, as export demand declined. New orders for manufactured goods fell at the fastest pace in eight months, with panellists citing the impact of U.S. tariffs on Australian exports.
"New business growth slowed after two strong months of expansion, with manufacturing new orders notably returning to contraction as the negative impact of US tariffs set in," said Jingyi Pan, economics associate director at S&P Global Market Intelligence.
Business confidence dropped to its lowest in a year, reflecting concerns over global trade conditions and slower growth prospects.
Source :
https://www.investing.com/news/economic-indicators/australia-business-activity-growth-slows-in-sept-as-tariffs-hit-exports--pmi-4250227
