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Financial News: Australia Services Sector Slows In November - Judo

Australia Services Sector Slows In November - Judo

12/03/2024 - 18:19:00 (RTTNews)

(RTTNews) - The services sector in Australia continued to expand in November, albeit at a lower pace, the latest survey from Judo Bank revealed on Wednesday with a services PMI score of 50.5.

That's down from 51.0 in October, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

Higher new business, driven by improvements in underlying demand and business development efforts bearing fruits, supported the latest expansion in services activity. The rate of new business growth was modest after easing from October, however.

Domestic demand mainly supported the expansion of new work, while export business broadly stabilized after two successive months of modest contraction. Firms in the information & communication sector experienced the fastest rise in new work and activity according to detailed sector data.

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