MT Newswires -ShutterstockAustralia's private sector grew for the second straight month in July, buoyed by its first increase in new orders in five months amid a small improvement in market confidence. "July data indicated a fresh injection of new work across the Australian private sector, ending a four-month run of decline that was the longest since the start of 2024," S&P Global said. Growth across the private sector remained centered on the service economy, where activity jumped at the fastest pace since January. The flash readings improved to 53 from 50.5 for the Australia Services PMI Business Activity Index, to 51.7 from 51.5 for the Australia Manufacturing PMI, and to 49.9 from 49.5 for the Australia Manufacturing PMI Output Index. "There was more positive news with respect to prices, with cost pressures continuing to ease off," said S&P Global Market Intelligence economist Eleanor Dennison.