Expansion in Business Activity

According to the latest report by S&P Global, Australia's business activity witnessed an expansion in January compared to the previous month. The private sector showed growth, with the composite Purchasing Managers' Index (PMI) reaching 51.1 in January.

Growth in the Services Sector

The services sector experienced a rise from 50.8 in December to 51.2 in January. This growth was propelled by an increase in new business and business activity, pushing business confidence to a new 32-month high.

Employment and Inflation Rates

Employment rates saw an increase after a brief pause in the last survey period. Additionally, the inflation rate for both selling prices and input costs rose at the beginning of the year.

"The Australian service sector is slowly but surely building momentum, and in January reached a milestone of a full year of monthly increases in business activity," stated Andrew Harker, the Economics Director at S&P Global Market Intelligence.