【环球财经】2025年5月标普全球澳大利亚综合PMI小幅下降

Core Insights - The S&P Global Australia Composite PMI decreased from 51 to 50.5 in May 2025, indicating a slight reduction in the growth of the private sector's overall output in Australia, marking the eighth consecutive month of increase [1][2] Economic Performance - In May, the private sector in Australia experienced the lowest output growth of the year, with only the services sector showing positive growth while manufacturing output declined [2] - Despite a rebound in export orders, the overall growth of new business in the private sector slowed down in May [2] - Employment growth in private enterprises also weakened due to reduced operational pressures, and business confidence remained at a low point, matching the lowest level in five months [2] Services Sector Analysis - The services sector business activity index fell from 51 in April to 50.6 in May, continuing to remain above the neutral level of 50 for the 16th consecutive month, indicating ongoing expansion [2] - The growth of business activity in the services sector slowed to a weak level due to a slowdown in new business growth and a decrease in export orders [2] - Despite the slowdown, service sector firms continued to increase employment to manage backlogs, although business confidence slightly weakened in May [2] Price and Cost Dynamics - There was a notable easing of price pressures faced by the services sector in May, with the increase in average input costs slowing down, leading to the lowest sales price increase in nearly four and a half years [2][3] - The inflationary pressures faced by the services sector have eased, which may provide favorable conditions for the Reserve Bank of Australia to consider further interest rate cuts to support economic growth [3] - The significant decline in sales price increases in the services sector, along with easing price pressures in manufacturing, suggests a potential softening of future CPI trends in Australia [3]