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Financial News: Australia Services Sector Slows In August

Australia Services Sector Slows In August

09/04/2017 - 19:46:00 (RTTNews)

(RTTNews) - The services sector in Australia continued to expand in August, although at a slower rate, the latest survey from the Australian Industry Group showed on Tuesday with a Performance of Services Index score of 53.0.

That's down sharply from 56.4 in July, although it remains well above the boom-or-bust line of 50 that separates expansion from contraction.

Four of the five activity sub-indexes expanded in August. Sales grew in August but at a slower rate than July (down 6.8 points to 53.5 points). New orders and employment also grew at a slower pace, falling to 54.2 points and 52.5 points respectively.

Stocks (inventory) built up at a faster pace in August, with this sub-index rising to 54.9 points. Supplier deliveries were broadly stable in August (49.7 points) after growing in previous months.

Capacity utilization hit a record high in the Australian PSI® of 81.4 percent of available capacity being utilized across the services sector in August.

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