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Financial News: Australia Services PMI Climbs To 56.1 In April

Australia Services PMI Climbs To 56.1 In April - S&P

05/03/2022 - 19:20:00 (RTTNews)

(RTTNews) - The services sector in Australia continued to expand in April, and at a faster rate, the latest survey from S&P Global showed on Wednesday with a services PMI score of 56.1.

That's up from 55.6 in March and it moves further above the boom-or-bust line.

This marked the third consecutive month in which business activity in the Australia service sector rose and at the fastest pace in two months. Growth of new work continued for a third straight month in April, supported by the improvement in COVID-19 conditions as virus cases fell. Foreign demand likewise improved with the easing of pandemic restrictions including the reopening of borders. The rate at which new orders from abroad rose was the fastest on record.

The survey also showed that the composite index improved to 55.9 in April from 55.1 in March.

Both manufacturing and service sector output growth accelerated in April, driven by higher demand as COVID-19 disruptions eased. Foreign demand saw renewed growth.

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