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Financial News: Australia Services PMI Climbs To 51.8 In October

Australia Services PMI Climbs To 51.8 In October - Markit

11/02/2021 - 18:20:00 (RTTNews)

(RTTNews) - The services sector in Australia moved into expansion territory in October, the latest survey from Markit Economics revealed on Wednesday with a services PMI score of 51.8.

That's up from 45.5 in September and it moves above the boom-or-bust line of 50 that separates expansion from contraction.

The rate at which business activity increased was moderate and broadly in line with the survey average since 2016. Panelists widely noted the lifting of COVID-19 lockdowns underpinned the improvement in economic conditions.

Demand likewise improved for the first time since June, which was prior to when the latest COVID-19 Delta wave struck the Australian service sector hard. Service providers reflected the easing of COVID-19 restrictions in October enabled an increase in demand for services.

The report also showed that the composite index rose to 52.1 in October from 46.0 in September.

Expansion of workforce numbers likewise continued across both manufacturing and services, though the rates of growth eased slightly in comparison with September. Some instances of labor constraints were reported across sectors as firms attempted to expand their operating capacity to meet demand.

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