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Financial News: Australia Services Sector Accelerates In October - Judo

Australia Services Sector Accelerates In October - Judo Bank

11/04/2024 - 22:21:00 (RTTNews)

(RTTNews) - The services sector in Australia continued to expand in October, and at a faster rate, the latest survey from Judo Bank revealed on Tuesday with a PMI score of 51.0.

That's up from 50.5, and it moves further above the boom-or-bust line that separates expansion from contraction.

Higher new business inflows underpinned the latest acceleration of activity growth in October. The rate of expansion was solid and the fastest since May 2022. Improvements in underlying demand and business development efforts bearing fruit were mentioned as reasons for the uptick in new work, with firms in the finance and insurance sector recording the fastest rise in new business.

Additionally, growth in new work was concentrated domestically as export business shrank for a second consecutive month.

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