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Financial News: Australia Services PMI Swings To Expansion - IHS

Australia Services PMI Swings To Expansion - IHS Markit

10/04/2020 - 19:25:00 (RTTNews)

(RTTNews) - The services sector in Australia moved into expansion territory in September, the latest survey from IHS Markit showed on Monday with a seasonally adjusted services PMI score of 50.8.

That's up from 49.0 in August and it moves above the boom-or-bust line of 50 that separates expansion from contraction.

Individually, new business inflows rose last month, but employment shrank further amid spare capacity. Business sentiment improved.

Average cost burdens increased further, though the rate of inflation moderated from August. Higher expenses were linked to wage inflation, increased freight fees and greater fuel costs.

The data also showed that the composite index rose to 51.1 in September from 49.4 in August.

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