Judo Bank Global S&P PMI Final for April 2024
Services 53.6
- preliminary was 54.2, previous was 54.4
Composite 53.0
- preliminary was 53.6, previous was 53.3
Still solidly expanding for both. This is not the case for the other PMIs published earlier this week:
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Extract from the Services PMI report, in brief:
Matthew De Pasquale, economist at Judo Bank, said:
- continued rebound in activity levels, continued employment growth and improved business confidence
- the service sector is driving improved levels of economic activity
- service sector … continues to increase its workforce, with the employment index indicating moderate job growth in April. …the index above its neutral level since August 2021
- Input price pressures remain elevated relative to pre-pandemic levels and appear to have stalled in their descent, averaging 61.8 over the past few months, 5.0 points higher than the average before the pandemic. The producer price index is closer to pre-pandemic levels, at 54.2, but also appears to have stagnated in its descent towards the neutral level.
These judo analysts looked at inflation, calling its high level rigid. The RBA will not make cuts anytime soon.
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