Financial News: Australia Services Sector Returns To Expansion In February

Australia Services Sector Returns To Expansion In February - Judo Bank

03/02/2023 - 17:08:00 (RTTNews)

(RTTNews) - The services sector in Australia bounced back up into expansion in February, the latest survey from Judo Bank revealed on Friday with a services PMI score of 50.7.

That's up from 48.6 in January, and it moves back above the boom-or-bust line of 50 that separates expansion from contraction.

Higher activity was supported by firms working through their existing orders and with better supply performance, according to survey respondents. The level of backlogged work declined at one of the fastest rates on record in February. Consumer services firms saw the fastest improvement in activity.

The survey also showed that the composite PMI improved to 50.6 in February from 48.5 in January.

The latest improvement was supported by service activity growth as manufacturing output stagnated in February. Firms also worked through their backlogs amid a lack of new orders growth.

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