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Financial News: Australia's Service Sector Recovery Gathers Momentum

Australia's Service Sector Recovery Gathers Momentum

08/05/2020 - 02:51:00 (RTTNews)

(RTTNews) - Australia's service sector activity gained momentum in July due to the gradual reopening of the economy following a loosening of coronavirus disease 2019, final survey data from IHS Markit showed Wednesday.

The Commonwealth Bank of Australia final services Purchasing Managers' Index rose to 58.2 in July from 53.1 in June. The flash reading was 58.5.

This was the highest score since April 2017. A score above 50 indicates expansion.

Demand picked up further, contributing to another accumulation in backlogs. Firms maintained their optimism towards the year-ahead outlook.

While there remained some firms reducing staffing numbers, the drop in overall employment was marginal. Meanwhile, input costs rose again but charges fell.

The Commonwealth Bank final composite output index rose to 57.8 in July from 52.7, indicating the fastest rise in private sector business activity for over three years. The flash score was 57.9.

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