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Financial News: Australia Services PMI Slips In November - A&P

Australia Services PMI Slips In November - A&P Global

12/04/2022 - 17:10:00 (RTTNews)

(RTTNews) - The services sector in Australia continued to contract in November, and at a faster rate, the latest survey from S&P Global showed on Monday with a services PMI score of 47.6.

That's down from 49.3 in October, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.

Demand for Australian services fell in November and at the sharpest pace in over a year. Survey respondents frequently linked the fall in new orders to a weaker economic backdrop, flooding issues and as a result of rising interest rates. Foreign demand performed no better, similarly declining for a second straight month.

While softer economic conditions had a part to play, pushing sales lower, service providers also cited capacity issues as a reason for the decline in activity. Despite firms hiring at an above-average pace in November, as they sought to re-establish pre-pandemic workforce levels, instances of labor shortages continued to be reported.

The survey also showed that the composite index slipped to 48.0 last month from 49.8 in October.

Deterioration of economic conditions, flooding issues and a higher interest rate environment led to falling demand for Australian services while incoming new orders for Australian manufactured goods slowed. Firms nevertheless hired at a solid pace across the private sector.

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