Australia’s private sector activity registered modest growth in June, according to the latest Purchasing Managers’ Index (PMI) data.
The Composite PMI Output Index, measuring combined activity across manufacturing and services, rose to 51.2, indicating an acceleration in overall business activity compared to the previous month’s reading of 50.6. A figure above 50 signifies expansion.
Growth was driven primarily by the services sector. The Services PMI climbed to 51.3, up from 50.5 the previous month, signaling a faster pace of expansion in service-related businesses.
Conversely, the manufacturing sector showed signs of cooling. The Manufacturing PMI fell to 51.0 in June, down from 51.7 previously. While still indicating expansion, the pace of growth slowed.
The data presents a mixed picture of Australia’s private sector economy, with resilient services activity counterbalancing a deceleration in manufacturing growth.