Australia Services PMI Slows In September - Judo
(RTTNews) - The services sector in Australia continued to expand in September, albeit at a slower pace, the latest survey from Judo Bank revealed on Thursday with a services PMI score of 50.5.
That's down from 52.5 in August, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.
Higher new business inflows supported the latest expansion in services activity, with firms in the consumer services sector experiencing the fastest rise in both new business and activity. Anecdotal evidence suggested that a widening of customer bases and successful business development endeavors supported the latest uptick in new orders.
The survey also showed that the composite index slipped into contraction with a PMI score of 49.6 in September, down from 51.7 in August.
Overall new orders remained in expansion territory, underpinned by gains in service sector new business. This supported higher employment in September, though both the rates of new business and jobs growth eased from August.
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