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Financial News: Australia Services PMI Slips To 58.0 - Markit

Australia Services PMI Slips To 58.0 - Markit

06/02/2021 - 19:42:00 (RTTNews)

(RTTNews) - The services sector in Australia continued to expand in May, albeit at a slightly slower pace, the latest survey from Markit Economics showed on Thursday with a services PMI score of 58.0.

That's down from 58.8 in April, although it remains well above the boom-or-bust line of 50 that separates expansion from contraction.

New business inflows increased for the ninth straight month in May, supported by an improvement in economic conditions following the easing of COVID-19 restrictions and the positive effects of government stimulus. Although easing from April's record, the rate of expansion in new work remained considerable.

Sustained rises in orders and activity encouraged firms in the service sector to continue expanding their operating capacity. Job creation continued for the seventh successive month in May and at the fastest pace since the survey started in May 2016.

Also, the composite index fell to 58.0 in May from 58.9 in April.

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