Financial News: Australia Services PMI Slips To 53.6 In April

Australia Services PMI Slips To 53.6 In April - Judo Bank

05/02/2024 - 19:10:00 (RTTNews)

(RTTNews) - The services sector in Australia continued to expand in April, albeit at a slower rate, the latest survey from Judo Bank revealed on Friday with a services PMI score of 53.6.

That's down from 54.4 in March, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

Central to the sustained improvement in services activity was higher new business inflows in April. Services new business increased for a third straight month and at the fastest pace since May 2022 as demand improved. Sub-sector data revealed that firms in the transport and storage sector recorded the most pronounced rise in new sales.

Additionally, new export business returned to growth after falling in March. Although marginal, the latest improvement in foreign demand marked only the second expansion in seven months and helped to support the uptick in overall new business.

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