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Financial News: Australia Service Sector Growth Moderates In June

Australia Service Sector Growth Moderates In June

07/05/2021 - 02:11:00 (RTTNews)

(RTTNews) - Australia's service sector growth moderated in June as the lockdown in the state of Victoria was extended into June, survey results published by IHS Markit revealed on Monday.

The services Purchasing Managers' Index fell to 56.8 in June from 58.0 in May. Nonetheless, the latest increase extended the current sequence of expansion to ten months and was above economists' forecast of 56.0.

Incoming new business grew for the tenth straight month and foreign demand improved for the third month but experienced a slower growth.

Input prices rose for the thirteenth month in a row in June. As a result, service sector firms continued to pass on these costs to customers, leading to output charges inflation accelerating to a fresh survey record in June.

The growth in hiring activity moderated from May, with some firms citing shortages of labor limiting their recruitment.

Finally, overall business confidence remained high despite slower growth of activity seen in June.

The composite output index, which measures combined services and manufacturing output, eased to 56.7 in June from 58.0 in May.

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