The S&P Global Australia Services PMI was revised slightly higher to 47.6 in November of 2022 from a preliminary of 47.2, but continued to point to the biggest decline in services sector activity since January. Demand for Australian services fell at the sharpest pace in over a year, due to a weaker economic backdrop, flooding issues and as a result of rising interest rates. Foreign demand performed no better, similarly declining for a second straight month. Capacity issues also weighed on activity as labour shortages continued to be reported, despite firms hiring at an above-average pace as they sought to re-establish pre-pandemic workforce levels. Moreover, vendor performance also deteriorated amid supply chain issues, input and manpower constraints. Also, input prices rose at the fastest pace in three months as steeper wages and fuel while selling prices rose at a softer pace. Finally, business confidence eased to the third lowest on record. source: Markit Economics

Services Sentiment in Australia averaged 52.02 points from 2016 until 2022, reaching an all time high of 58.80 points in April of 2021 and a record low of 19.50 points in April of 2020. This page provides - Australia Commonwealth Bank Services PMI- actual values, historical data, forecast, chart, statistics, economic calendar and news. Australia Markit Services PMI - data, historical chart, forecasts and calendar of releases - was last updated on December of 2022.

Services Sentiment in Australia is expected to be 48.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Australia Markit Services PMI is projected to trend around 53.50 points in 2023, according to our econometric models.

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Australia Markit Services PMI



Calendar GMT Actual Previous Consensus TEForecast
2022-11-22 10:00 PM S&P Global Services PMI Flash Nov 47.2 49.3 48.6
2022-12-04 10:00 PM S&P Global Services PMI Final Nov 47.6 49.3 47.2
2022-12-15 10:00 PM S&P Global Services PMI Flash Dec 47.6 48


Related Last Previous Unit Reference
Composite PMI 48.00 49.80 points Nov 2022
Services Sentiment 47.60 49.30 points Nov 2022
Industrial Sentiment 51.30 52.70 points Nov 2022

Australia Markit Services PMI
The S&P Global Services PMI is based on data compiled from monthly replies to questionnaires sent to a representative panel of purchasing executives in over 400 private sector services firms in Australia. The panel is stratified by GDP and company workforce size. The services sector is divided into the following five broad categories: Transport & Storage, Consumer Services, Information & Communication, Finance & Insurance and Real Estate & Business Services. A reading above 50 indicates an expansion of the manufacturing sector compared to the previous month; below 50 represents a contraction; while 50 indicates no change.
Actual Previous Highest Lowest Dates Unit Frequency
47.60 49.30 58.80 19.50 2016 - 2022 points Monthly
SA

News Stream
Australia Services PMI Revised Higher but Still Points to Falling Activity
The S&P Global Australia Services PMI was revised slightly higher to 47.6 in November of 2022 from a preliminary of 47.2, but continued to point to the biggest decline in services sector activity since January. Demand for Australian services fell at the sharpest pace in over a year, due to a weaker economic backdrop, flooding issues and as a result of rising interest rates. Foreign demand performed no better, similarly declining for a second straight month. Capacity issues also weighed on activity as labour shortages continued to be reported, despite firms hiring at an above-average pace as they sought to re-establish pre-pandemic workforce levels. Moreover, vendor performance also deteriorated amid supply chain issues, input and manpower constraints. Also, input prices rose at the fastest pace in three months as steeper wages and fuel while selling prices rose at a softer pace. Finally, business confidence eased to the third lowest on record.
2022-12-04
Australia Services PMI Hits Lowest Since January
The S&P Global Australia Services PMI tumbled to 47.2 in November of 2022 from 49.3 in the previous month, preliminary data showed. It was the lowest reading since January and the second straight month of contraction of the service sector, with business activity and new orders volumes decreasing further amid weak domestic and foreign demand due to a gloomy growth outlook. Still, firms continued to hire new staff to rebuild their labor capacity to pre-pandemic levels. On the price front, input costs increased while companies passed them down to customers. Finally, business confidence deteriorated.
2022-11-23
Australia Services PMI Falls to 49.3
The S&P Global Australia Services PMI eased to 49.3 in October of 2022, from 50.6 in September, to indicate the first contraction of the service sector since January. A renewed deterioration in demand for services underpinned the fall in business activity. Firms blamed the decline in demand on rising interest rates and greater market uncertainty, though foreign demand continued to expand. Firms also continued to hire despite the decline in order book volumes with some intent on rebuilding their labour capacity to pre-Covid levels. Price pressures meanwhile persisted for Australian service providers. Selling price inflation picked up from September as firms reported passing on higher costs to clients. Overall business confidence in the service sector deteriorated in October.
2022-11-02