Australia Services PMI Ticks Higher In September – S&P Global
By RTTNews Staff Writer ✉ | Published:
The services sector in Australia continued to expand in September, and at a slightly faster pace, the latest survey from S&P Global revealed on Wednesday with a services PMI score of 50.6.
That’s up from 50.4 in August, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
Total new business also increased in September for the eighth month running. Anecdotal evidence suggested that stronger underlying demand and a continued improvement in COVID-19 related challenges encouraged the uplift in sales. That said, the rate at which order book volumes expanded remained slight overall. Of the firms who registered weaker demand, recent interest rates hikes and inflationary pressures were reported as limiting growth factors.
The survey also showed that the composite index improved to 50.9 from 50.2 in August.
Firms in both the service and manufacturing sector registered stronger expansions in activity. Similarly, composite demand increased in September and at an accelerated pace. Private sector firms mentioned that the sustained easing in COVID-19 related disruptions supported strengthening underlying demand conditions.
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