Financial News: Australia Services PMI Slips To 51.2 In June

Australia Services PMI Slips To 51.2 In June - Judo Bank

07/02/2024 - 19:19:00 (RTTNews)

(RTTNews) - The services sector in Australia continued to expand in June, albeit at a slower pace, the latest survey from Jufo Bank revealed on Wednesday with a services PMI score of 51.2.

That's down from 52.5 in May, although it remains above the boom-or-bust line of 50.

New business also extended its run of growth to five months, but at a marginal pace that was the slowest in this period. According to survey respondents, softer market conditions partially offset improvements in client interest. Additionally, it was mainly domestic demand supporting sales, with new export business falling for the first time since March.

The survey also showed that the composite PMI faded to 50.7 in June from 52.1 in May.

The latest reading indicated that Australia's private sector output growth was maintained for a fifth straight month but at the slowest pace in the current sequence. Business activity growth was also centered on the service sector. In contrast, new orders fell marginally in June as an uptick in services new business was unable to offset a sharper downturn for goods. Export orders also declined in June.

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