News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexCryptocurrenciesCybersecurityPress Releases

Australian Flash PMI Shows Ongoing Expansion

06/22/2022 | 05:49pm EDT

By James Glynn

SYDNEY--Australia's private sector recorded a fifth straight month of growth in June, but the pace of expansion slowed.

The S&P Global Flash Australia Composite Output Index eased from 52.9 in May to 52.6 in June, a five-month low.

Private sector output and new orders continued to expand at solid rates, leading to a continued expansion in Australia's workforce.

Meanwhile, supply constraints persisted, contributing to a further accumulation of backlogged work. Inflationary pressures remained severe and among the highest on record. Overall business confidence remained positive, but eased to the lowest in over two years.

The data coincide with a decision by the Reserve Bank of Australia to raise official interest rates by 50 basis points in June, adding to a 25 basis-point increase in May.

The RBA continues to issue warnings about the inflation outlook, and economists expect further interest-rate increases through the second half of this year.

The overall easing in output growth in June was underpinned by a slowdown in the service sector, the PMI data showed.

Write to James Glynn at

(END) Dow Jones Newswires

06-22-22 1949ET

Latest news "Economy & Forex"
10:56aIsrael invokes Macron's 2018 proposal on Iran, wants tougher nuclear talks
10:53aR&B singer R. Kelly removed from suicide watch at Brooklyn jail -prosecutors
10:38aU.S. FDA to reconvene experts' meeting for Amylyx ALS drug
10:31aU.S. Factory Orders Rose at Faster Pace in May
10:29aWall Street pushes up Exxon forecasts as refining margins soar
10:25aCharges expected Tuesday in Highland Park shooting - mayor
10:21aIMF mission to visit Ghana to begin talks on programme
10:19aU.S factory orders rise more than expected in May
10:15aCanadian wheat plantings hit 9-year high as food prices spike
10:13aPakistan arrest militant suspect in deadly bombing of Chinese nationals
Latest news "Economy & Forex"