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Services Activity Growing, But So Is Selling Price Inflation

AUSTRALIA DATA

The final Judo Bank composite PMI for May was revised up to 51.6 from 51.2 but down from 53 in April showing a slowing in growth. Services were revised higher to 52.1 from 51.8 but lower than April’s 53.7. The sector is being supported by tourism and new clients. Manufacturing is 48.4 up from 48 (see Manufacturing Activity Contracting, Price Pressures Low).

  • Transport, energy and labour continued to push costs higher for services providers, but they rose at their lowest since October 2021. They are being passed onto customers and selling price inflation is now at a 3-month high, which is concerning.
  • Continued skilled labour shortages constrained employment growth in May.
  • Business confidence in services is close to its lowest in the 7-year history of the series driven by persistent inflation, economic outlook and rising rates.
  • See press release here.
Energy BulletsCommodities
Energy BulletsCommodities

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