Financial News: Australia Services PMI Ebbs In August - S&P

Australia Services PMI Ebbs In August - S&P Global

(RTTNews) - The services sector in Australia continued to expand in August, albeit at a slower pace, the latest survey from S&P Global revealed on Thursday with a Purchasing Mangers Index score of 53.2.

That's down from 53.6 in July, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

Four of the five broad categories covered by the report saw activity increase in August, the exception being information & communication. Transport & storage posted the sharpest expansion as the sector returned to growth for the first time since February.

The survey also showed that the composite index eased to 52.7 in August from 53.2 in July.

Underlying data showed that the overall expansion was centered on the service sector as manufacturing production ticked down in August. New orders on the other hand rose across both monitored sectors, with composite new business up for the second month running as a result. Meanwhile, new export orders increased for the first time in five months.

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