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Financial News: Australia's Private Sector Growth Accelerates In July

Australia's Private Sector Growth Accelerates In July

07/24/2020 - 01:06:00 (RTTNews)

(RTTNews) - Australia's private sector gathered momentum in July following the downturn caused by the coronavirus pandemic, flash data from IHS Markit showed Friday.

The flash Commonwealth Bank composite output index rose to 57.9 in July from 52.7 in June. A score above 50 indicates expansion in the sector.

Business activity grew at the fastest pace since April 2017, with the overall expansion driven by a sharp rise in services activity.

The services Purchasing Managers' Index advanced to 58.5 in July from 53.1 in the previous month. This sharp expansion was the fastest since the survey began in May 2016.

At the same time, the manufacturing PMI advanced moderately to 53.4 in July from 51.2 a month ago.

CBA Head of Australian Economics, Gareth Aird said, "The improvement in growth momentum in July is welcome, but concerns around COVID-19 and the potential policy responses to a lift in the number of new cases continue to weigh on activity."

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