Australia's Judo Bank Composite Purchasing Manager Index (PMI) returned to growth figures above 50.0 for the first time since last October, and saw its highest print since May of last year.
The Judo Bank Services PMI fueled the rebound, climbing from 49.1 to a nine-month high of 52.8.
Despite the improvement, Australia's Manufacturing PMI fell back into contraction, printing at 47.7 versus the previous 50.1. The Australian Manufacturing PMI component has only printed above the 50.0 level once in the last 12 consecutive prints.
As noted by Judo Bank, growth in Australia's private sector was driven entirely by the services sector in the first half of the first quarter of 2024, and business sector sentiment remained positive, albeit at a three-month low
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