Australia's Private Sector Growth Improves In September

(RTTNews) - Australia's private sector expanded at a slightly faster pace in September, reflecting acceleration in both manufacturing and services sector activities, survey data from Commonwealth Bank of Australia and IHS Markit showed Thursday.

The composite output index rose to 52.5 in September from a survey low of 52.0 in August. However, readings above 50.0 signal an improvement in business activity on the previous month.

The services Purchasing Managers' Index improved to 52.2 in September from 51.8 a month ago. Nonetheless, the rate of growth was relatively soft and notably weaker than the long-run average.

Although new orders rose in September, the rate of expansion was historically weak. Nonetheless, operating capacities were expanded, with employment growth edging up to a five-month high.

Greater staff levels were reported as a factor driving input costs up, motivating firms to raise output charges, data revealed.
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