Australia services PMI contracts to 47.9, composite PMI drops to 10-month low in October

Meanwhile, the Judo Bank Australia Composite PMI fell to 47.6 in October 2023 from 51.5 in the prior month, final data showed.

It was the lowest reading in 10 months driven by a solid decline in activity across Australia’s private sector.

The fall in business activity was due to decrease in new orders, weak demand climate, inflationary pressures and high interest rates. New export business was down, and for the eighth successive month.