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Australia Services Sector Accelerates In July
(RTTNews) - The services sector in Australia continued to expand in July, and at a faster pace, the latest survey from S&P Global revealed on Tuesday with a services PMI score of 54.1.
That's up from 53.8 in June and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
Central to the latest acceleration in business activity growth was a sharp rise in new work. Incoming new business expanded at the fastest pace since April 2022, as survey panelists reported stronger demand and wider customer bases. Sub-sector data showed the real estate & business services sector led growth in both activity and new sales for a second successive month.
Growth in new business was notably concentrated in the domestic market. That said, external conditions also showed early signs of recovery, as new export business stabilized in July to mark an end to the contraction streak.
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