The final reading of Australia's Judo Bank Services Purchasing Managers Index (PMI) improved to 54.4 in March from the previous reading of 53.5, the latest data published by Judo Bank and S&P Global showed on Thursday.
The Judo Bank Australian Composite PMI rose to 53.3 in March versus 52.4 in the previous reading.
Additional takeaways
“Output index rising to a new cyclical high of 54.4. This is the fourth consecutive month of improvement, with the services output index increasing by 8.4 points, the largest gain in the series outside of recovery from lockdowns.”
“Services output index is now above its long-run average level of 51.7.”
“March 2024 reading is the highest since April 2022, when the monetary policy tightening cycle commenced.”
“Outstanding Business Index rose to its highest level since the Reserve Bank of Australia started raising interest rates in May 2022.”
“Other activity indicators in the survey were down slightly in March, but remained well above the neutral 50 index level.”
“Cost pressures remain elevated, although there are some signs of a gradual easing over the past six months.”
“Input price index fell slightly to 61.5, the lowest since 2021, but not much lower than the average reading of 62.8 seen through the second half of 2023.”
“Prices Charged Index remained unchanged at 55.0 in March, a little higher than the average over the past quarter and broadly in line with index readings of the past year
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