Business activity in Australia’s private sector fell in August as new orders shrank for the first time in five months. Higher interest rates constrained demand for both goods and services, though the labour market remained tight as firms in both sectors raised their workforce capacity with greater confidence of output rising in the 12 months ahead. Price pressures meanwhile eased, driven by softer service sector inflation. The Judo Bank Flash Australia Composite PMI® Output Index* posted below the 50.0 no-change mark in August, falling to 47.1 from 48.2 in July, to indicate a solid and accelerated reduction in ... (full story)