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Financial News: Australia Services Sector Slows In May - Judo

Australia Services Sector Slows In May - Judo Bank

06/04/2024 - 19:13:00 (RTTNews)

(RTTNews) - The services sector in Australia continued to expand in May, albeit at a slower rate, the latest survey from Judo Bank revealed on Wednesday with a services PMI score of 52.5.

That's down from 53.6 in April, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

The sustained expansion in services activity was driven by rising new business inflows. Incoming new business rose at the most pronounced pace since May 2022 amid reports of rising client interest and a widening of customer bases.

Transport and storage firms likewise saw the fastest rise in new sales among the monitored sectors. Supporting the latest rise in new sales was an improvement in foreign demand with the survey's New Export Business Index indicating the fastest growth in export orders in 21 months. Anecdotal evidence suggested that greater inflows of new business came from clients in the US and Asia.

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