The Commonwealth Bank Services PMI in Australia was revised slightly lower to 58.2 in July from a preliminary estimate of 58.5 and compared to June's 53.1 Still, the reading pointed to a further monthly rise in activity and its highest since April of 2017. The rise in business activity was accompanied by a further strengthening in demand as order book volumes rose at the strongest pace in three years. In addition, the rate of job shedding was the slowest in the current sequence of decline and marginal overall. On the price front, input costs continued to rise while output prices dropped in July. Finally, business expectations for the year-ahead outlook remained positive.
Services Sentiment in Australia averaged 51.76 points from 2016 until 2020, reaching an all time high of 58.40 points in March of 2017 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 Commonwealth Bank Services PMI - data, historical chart, forecasts and calendar of releases - was last updated on August of 2020. source: Markit Economics
Services Sentiment in Australia is expected to be 53.50 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Services Sentiment in Australia to stand at 53.50 in 12 months time. In the long-term, the Australia Commonwealth Bank Services PMI is projected to trend around 53.70 points in 2021 and 53.50 points in 2022, according to our econometric models.