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Financial News: Australia Service Sector Accelerates In April - Markit

Australia Service Sector Accelerates In April - Markit

05/04/2021 - 19:05:00 (RTTNews)

(RTTNews) - The services sector in Australia continued to expand in April, and at a faster pace, the latest survey from Markit Economics showed on Wednesday with a services PMI score of 58.8.

That's up from 55.5 in March and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

Business conditions improved amid faster expansions in both activity and new business. Positive demand conditions, including a renewed rise in new export sales, encouraged service providers to bolster hiring for the sixth consecutive month to accommodate greater operating capacity needs.

The survey also showed that the composite index improved to 58.9 from 55.5 in the previous month.

Overall business activity growth was supported by a considerable expansion in manufacturing output and an unprecedented rise in services activity in April.

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