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Financial News: Australia Services PMI Picks Up Steam In October

Australia Services PMI Picks Up Steam In October - Markit

11/03/2020 - 18:20:00 (RTTNews)

(RTTNews) - The services sector in Australia continued to expand in October, and at a faster pace, the latest survey from IHS Market revealed on Wednesday with a seasonally adjusted services PMI score of 53.7.

That's up from 50.8 in September and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

Individually, new business rose again, albeit marginally, while employment shrunk at a slower rate. Business sentiment was at its strongest in more than two years.

With sales growth still subdued, firms were able to work through previously-placed orders, resulting in a third straight monthly decline in backlogs of work, though the latest depletion was the weakest in this sequence.

The survey also showed that the composite index came in at 53.5, up from 51.1 in the previous month.

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