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Financial News: Australia Services PMI Tumbles In July - Markit

Australia Services PMI Tumbles In July - Markit

08/03/2021 - 20:16:00 (RTTNews)

(RTTNews) - The services sector in Australia fell into contraction territory in July, the latest survey from Markit Economics showed on Wednesday with a services PMI score of 44.2.

That's down sharply from 56.8 in June and it falls firmly beneath the boom-or-bust line of 50 that separates expansion from contraction.

Business activity in Australia's service sector was significantly hampered by the latest COVID-19 wave in Australia, which brought along increased movement restrictions in July. Demand dipped alongside activity while price pressures continued to build amid the disruptions.

That said, workforce expansion was sustained while service sector firms remained broadly positive with regards to the outlook.

The survey also said its composite index sank to 45.2 in July from 56.7 in June.

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