Australia Services PMI Ebbs In August – S&P Global

australia-services-pmi-ebbs-in-august-–-s&p-global

By RTTNews Staff Writer   ✉   | Published:

The services sector in Australia continued to expand in August, albeit at a slower pace, the latest survey from S&P Global revealed on Monday with a services PMI score of 50.2.

That’s down from 50.9 in July, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

The overall health of Australia’s service sector improved for a seventh consecutive month in August, but at a rate that was the slowest in the current positive sequence. A further softening in business activity growth was recorded in August as overall demand levels expanded only marginally.

Job creation continued for a twelfth consecutive month though at the slowest pace in seven months. At the same time, inflationary pressures eased from the record highs recorded earlier in the year.

The survey also showed that the composite index fell to 50.2 in August from 51.1 in July.

Despite signaling a seventh consecutive month of improvement in Australia’s private sector economy, the rate of growth was the slowest in the current positive sequence and was only fractional. Firms who registered lower output levels frequently mentioned that recent interest rate hikes and current inflationary pressures were weighing on demand.

That said, composite demand continued to expand in August at a rate ever so slightly quicker than July.

For comments and feedback contact: editorial@rttnews.com

Economic News

What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.

Related Articles

Responses

Your email address will not be published.