Business activity in Australia's private sector fell for the first time in four months during July amid a renewed contraction in the service sector as interest rate rises hit customer confidence and budgets. More positively, manufacturing output ticked higher. Wage increases meanwhile fed through to stronger inflationary pressures. The Judo Bank Flash Australia Composite PMI® Output Index* dipped below the 50.0 no-change mark in July, falling to 48.3 from 50.1 in June. Latest data pointed to a modest reduction in private-sector activity, the first in four months. In a reversal of the recent trend, services was the ... (full story)