Australia Services Sector Slips Into Contraction - Judo Bank
(RTTNews) - The services sector in Australia fell into contraction territory in July, the latest survey from Judo Bank revealed on Thursday with a services PMI score of 47.9.
That's down from 50.3 in June, and it moves beneath the boom-or-bust line of 50 that separates expansion from contraction.
The latest reduction in services activity was principally associated by panelists to the adverse impact of rising interest rates, which negatively affected spending and business confidence. This also caused a softening of demand as new business increased only marginally across the service sector. Incoming new business from abroad meanwhile fell for the second time in the past three months, weighed down by elevated charges according to panelists.
The survey also showed that the composite index fell to 48.2 in July from 50.1 in June.
Improved manufacturing sector optimism contrasted with weaker service sector sentiment in July, though overall, firms were the least upbeat since April 2020.
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