Economic Buzz: Australia services PMI fades in September

The services sector in Australia continued to expand in September, albeit at a slower pace, the latest survey from S&P Global revealed on Friday with a services PMI score of 53.4.

That's down from 55.8 in August, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

Successful business development efforts and rising client interest underpinned an expansion in new business in September, according to panelists. Similarly for new export business, companies reported that rising inquiries from clients in Europe and Asia-Pacific helped to drive a second monthly increase in new business from abroad.

Despite easing to a three-month low, the rate at which overall new business rose was solid. This supported the sustained, albeit slower, expansion in services activity. Meanwhile, staffing levels increased in response to rising new business inflows. Additionally, better availability of candidates helped to support the fastest job creation since April.

Powered by Commodity Insights