FX.co ★ Australia Private Sector Shows Fastest Growth in 3 Months

In November, the S&P Global Australia Composite PMI recorded a reading of 52.6, an improvement from October's 52.1, indicating consistent growth for over a year, with November's pace being the swiftest since August. The growth in new business picked up speed, and new export orders bounced back after earlier setbacks. While companies maintained their hiring efforts, the rate was more moderate; nonetheless, staffing levels increased, helping to reduce the backlog of work. Job creation, however, was at its lowest in ten months. This rise in staffing levels, despite heightened activity growth, reflects the sustained demand in the services sector. Business confidence remained largely unchanged from October, with firms holding a cautiously optimistic outlook amid unpredictable market conditions. Output charges rose slightly, and there was a minor intensification in input cost inflation, exerting some pressure on profit margins. Overall, the data underscores the continued expansion of Australia's services sector, with the composite index highlighting a brisker growth pace in November.