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Financial News: Australia Services PMI Slips In July - S&P

Australia Services PMI Slips In July - S&P Global

08/02/2022 - 20:36:00 (RTTNews)

(RTTNews) - The services sector in Australia continued to expand in July, albeit at a slower pace, the latest survey from S&P Global revealed on Wednesday with a services PMI score of 50.9.

That's down from 52.6 in June, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

Activity expansion was reportedly driven by steady demand, said panelists. That said, the rate of growth was only marginal and the slowest in the current positive sequence. In line with the aforementioned, new business expanded in July, but at a rate that was only marginal and the softest in the current six-month sequence of expansion.

The survey also showed that the composite PMI fell to 51.1 in July from 52.6 in June.

Composite demand growth eased to a six-month low, reflecting a slower rise in new orders across Australia's service sector. Interest rate hikes and the rising cost of living dampened overall demand, according to some survey respondents.

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