Australia Services PMI Ebbs In June - Judo Bank
(RTTNews) - The services sector in Australia continued to expand in June, albeit at a slower pace, the latest survey from Judo Bank revealed on Wednesday with a services PMI score of 50.3.
That's down from 52.1 in May, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.
This marked a third consecutive month of service sector expansion but was the slowest in the current sequence and only marginal. Three of the five sub-services categories saw higher activity in June, led by information and communication firms.
New business growth was sustained for a third straight month in June. However, the rate of expansion was modest and lower than in May. Anecdotal evidence suggested that higher charges and constrained client budgets due to higher interest rates led to the softer expansion in new work.
The survey also showed that the composite index slipped to 50.1 in June from 51.6 in May.
A sustained contraction of manufacturing output and slowdown in service activity expansion underpinned the easing of overall business activity growth in June. Similarly, manufacturing new orders registered a sharper fall while services new business growth also decelerated.
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