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Financial News: Australia Services Sector Expands In February - Judo

Australia Services Sector Expands In February - Judo Bank

03/04/2024 - 18:26:00 (RTTNews)

(RTTNews) - The services sector in Australia moved to expansion in February, the latest survey from Judo Bank said on Tuesday with a services PMI score of 53.1.

That's up from 49.1 and it moved above the boom-or-bust line of 50 that separates expansion from contraction.

Central to the latest upturn in services activity was an improvement in demand conditions. A first rise in services new business in five months unfolded at the quickest pace since May 2022. Anecdotal evidence suggested that better economic conditions and increased inquiries supported the latest rise in new work.

New export business similarly returned to growth for the first time since September 2023, supported by new client wins and increased interest from clients in Asia. In turn, Australian service providers hired more staff at an accelerated pace to cope with new workloads.

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