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Financial News: Australia Q1 Inventories Climb 1.2% On Quarter

Australia Q1 Inventories Climb 1.2% On Quarter

06/04/2017 - 22:19:00 (RTTNews)

(RTTNews) - Inventories in Australia advanced a seasonally adjusted 1.2 percent on quarter in the first three months of 2017, the Australian Bureau of Statistics said on Monday.

That beat forecasts for a rise of 0.5 percent following the 0.3 percent gain in the previous three months.

Inventories were up 2.5 percent on year.

Company operating profits advanced 6.0 percent on quarter - also exceeding expectations for 5.0 percent but down from 20.1 percent in the three months prior.

Profits were up 39.7 percent on year.

Wages and salaries added 0.3 percent on quarter and 0.9 percent on year.

Manufacturing goods and services were down 1.4 percent on quarter and 3.5 percent on year, while wholesale trade goods and services gained 1.5 percent on quarter and 8.8 percent on year.

Also on Monday: . The service sector in Australia continued to expand in May, although at a slower rate, the latest survey from the Australian Industry Group showed with a service PMI score of 51.5.

That's down from 53.0 in April, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

Individually, the wholesale, hospitality and property sub-sectors continued to expand, while communication, community service and recreation were down.

"The services sector slipped down a gear in May with the pace of sales growth falling and employment contracting during the month," AiG chief executive Innes Willox said in a statement.

. Consumer prices in Australia are predicted to be flat on month in May, the latest forecast from TD Securities and the Melbourne Institute revealed - following the 0.5 percent increase in April.

On a yearly basis, inflation is seen higher by 2.8 percent, up from 2.6 percent a month earlier.

The trimmed mean CPI rate is called higher by 0.1 percent on month and 2.1 percent on year. That follows the 0.3 percent monthly reading and the 1.7 percent yearly increase in April.

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