Australia's economic momentum stalls in March. The S&P Global Australia Manufacturing PMI fell to 50.1 in March from 51.0 in February, signaling nearly flat conditions in the sector. More concerning, services activity tumbled to 46.6, indicating contraction in Australia's largest economic segment. Manufacturing output declined slightly while new orders fell for the first time since July 2024, suggesting weakening demand pressures. The combined deterioration across both sectors points to broader economic slowdown as consumer and business confidence wanes. These PMI readings come at a critical time for the Reserve Bank of Australia's monetary policy decisions and raise questions about growth prospects for the coming quarters.
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