Australia Services PMI Fades In January – Markit Economics

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The services sector in Australia continued to expand in January, albeit at a slower rate, the latest survey from Markit Economics showed on Wednesday with a services PMI score of 55.6.

That’s down from 57.0 in December, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

Despite softening slightly from December, new business rose at a strong pace overall. Survey respondents often attributed this to new clients as well as an easing in COVID-19 restrictions.

Amid reports of higher demand and output requirements, Australian service providers expanded their workforce for the third month in a row. Firms increased employment levels at the fastest pace since May 2019.

The survey also showed that Markit’s composite PMI slipped to 55.9 from 56.6 in December.

The material has been provided by InstaForex Company – www.instaforex.com

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