Australia Services PMI Fades In January - Markit Economics
The services sector in Australia continued to expand in January, albeit at a slower rate, the latest survey from Markit Economics showed on Wednesday with a services PMI score of 55.6.
That's down from 57.0 in December, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.
Despite softening slightly from December, new business rose at a strong pace overall. Survey respondents often attributed this to new clients as well as an easing in COVID-19 restrictions.
Amid reports of higher demand and output requirements, Australian service providers expanded their workforce for the third month in a row. Firms increased employment levels at the fastest pace since May 2019.
The survey also showed that Markit's composite PMI slipped to 55.9 from 56.6 in December.
Economic News
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