Australian private sector's business activity slowed down in April, with key economic indicators falling slightly compared to the month prior, according to a preliminary report published by S&P Global.
The flash services PMI came in at 51.4, hitting a two-month low. It remained above the neutral 50 mark but contracted compared to the March figure of 51.6. The manufacturing PMI landed at 51.7, slowing from 52.1 recorded in the previous month. The composite PMI, which combines the results from both the service and manufacturing sectors fell from 51.6 to 51.4.
"April’s S&P Global Flash Australia PMI data indicated that business conditions further improved in Australia’s private sector. Domestic demand continued to act as a strong proponent for business activity growth at the start of the second quarter of the year," Jingyi Pan, Economics Associate Director at S&P Global Market Intelligence said.
