Australia's January Judo Bank Services PMI increases to 47.9 versus 47.1 previous.
Manufacturing PMI Component hits 11-month high of 50.3.
Australia's Judo Bank Purchasing Managers' Index (PMI) showed a welcome rebound in the PMI Manufacturing component, hitting an 11-month high of 50.3 and helping to drag the Composite PMI Output Index to a four-month high of 48.1 versus December's print of 46.9.
Despite a continued overall decline in Australia's private sector activity in January, the pace of contraction has declined, and an easing of business contractions coincides with an improvement in business confidence at the start of 2024.
According to Judo Bank's Chief Economic Advisor Warren Hogan:
“The Judo Bank Flash PMI for January provides a first look at the economy in the new year. Encouragingly, we have seen a modest improvement in business conditions in January, with a stabilisation in service sector activity and a pick-up in manufacturing output.
Business confidence has also improved, measured by the future output index, which rose to the highest level in five months in January. Excluding the spike in August last year, it is the highest reading in a year
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