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Financial News: Australia Service Sector Falls Into Contraction - S&P

Australia Service Sector Falls Into Contraction - S&P Global

11/02/2022 - 18:20:00 (RTTNews)

(RTTNews) - The services sector in Australia slipped into contraction territory in October, the latest survey from S&P Global showed on Thursday with a services PMI score of 49.3.

That's down from 50.6 in September, and it falls beneath the boob-or-bust line of 50 that separates expansion from contraction.

Total new business fell in October, underpinned by a decline in demand. Anecdotal evidence suggested that weaker market conditions and higher interest rates affected incoming new orders in October. The decline in new orders was also the quickest since September 2021.

The survey also showed that Australia's composite index fell to 49.8 in October from 50.9 in September.

Composite demand contracted in October and at the fastest rate since September 2021 on the back of falling inflows of new business for services firms. A higher interest rate environment and deteriorating economic backdrop drove the decline according to panelists, although the job market remained firm as employment growth picked up in October.

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