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Financial News: Australia Private Sector Recovers In January

Australia Private Sector Recovers In January

02/04/2020 - 22:33:00 (RTTNews)

(RTTNews) - Australia private sector recovered in January driven by services business activity, survey results from IHS Markit showed Wednesday. The Commonwealth Bank of Australia composite output index rose to 50.2 in January from 49.6 a month ago.

The latest reading primarily reflected renewed growth in services business activity as manufacturing output declined at a survey-record rate.

The services Purchasing Managers' Index advanced to 50.6 from 49.8 in the previous month. The score signaled increase in activity for the first time in three months.

Elsewhere, the Australian Industry Group/Housing Industry Association Performance of Construction survey suggested that construction downturn eased in January. The corresponding index increased by 2.4 points to 41.3 points in January.

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