The Commonwealth Bank of Australia Services PMI came in at 49.8 in December 2019, little-changed from a preliminary estimate of 49.5 and November's final reading of 49.7. The latest reading pointed to a second straight month of decline in business activity due to drought-related disruptions and subdued sales growth. Employment dropped for the first time in five months amid reports of company restructuring and layoffs. Meanwhile, total new business intakes rose at the fastest rate for three months, supported by a recovery in export orders. On the price front, input costs continued to rise at a marked rate, but charges were up marginally. Finally, business sentiment remained positive, on expectations of an improved economic environment, new product launches, marketing strategies, planned business expansions and better weather conditions. Services Sentiment in Australia averaged 53.34 points from 2016 until 2019, reaching an all time high of 58.40 points in March of 2017 and a record low of 48.70 points in February of 2019. source: Markit Economics

Services Sentiment in Australia is expected to be 50.60 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 51.70 in 12 months time. In the long-term, the Australia Commonwealth Bank Services PMI is projected to trend around 52.50 points in 2020, according to our econometric models.

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Australia Commonwealth Bank Services PMI

Actual Previous Highest Lowest Dates Unit Frequency
49.80 49.70 58.40 48.70 2016 - 2019 points Monthly
SA


Calendar GMT Actual Previous Consensus TEForecast
2019-11-21 10:00 PM CommBank Services PMI Flash Nov 49.5 50.1 53.5 49.8
2019-12-03 10:00 PM CommBank Services PMI Final Nov 49.7 50.1 49.5 49.5
2019-12-15 10:00 PM CommBank Services PMI Flash Dec 49.5 49.7 49.1 49.9
2020-01-05 10:00 PM CommBank Services PMI Final Dec 49.8 49.7 49.5 49.5
2020-01-23 10:00 PM CommBank Services PMI Flash Jan 49.8 49.5 50


News Stream
2019-12-15
Australia Services Sector Falls Slightly More
The Commonwealth Bank Services PMI in Australia fell to 49.5 in December 2019 from 49.7 in the previous month but above market expectations of 49.1, a preliminary reading showed. The reading pointed to the second straight month of contraction in services activity, though at a marginal pace. The rate of expansion in new business picked up to a six-month high while employment decreased for the first time in five months. On the price front, the rate of input cost inflation softened while output prices were raised marginally following a fall in November.

2019-12-03
Australia Services Sector Falls to Contraction
The Commonwealth Bank Services PMI in Australia fell to 49.7 in November 2019 from 50.1 in the previous month and compared to the preliminary reading of 49.5, final data showed. New orders increased at a marginal pace despite export demand falling further, while job creation was marginal. Meanwhile, input costs continued to rise sharply, but selling prices fell for the first time in nearly three-and-a-half years as weak demand limited pricing power.

2019-11-21
Australia Services Activity Back to Contraction
The Commonwealth Bank Services PMI in Australia fell to 49.5 in November 2019 from 50.1 in the previous month and compared to market expectations of 53.5, preliminary data showed. New orders and employment continued to increase at a marginal pace. On the price front, input costs inflation rose to a 13-month high while output costs declined for the first time since June 2016 amid weak demand conditions.

2019-11-04
Australia Services PMI Revised Lower: Markit
The Commonwealth Bank Services PMI in Australia was revised lower to 50.1 in October 2019 from a preliminary print of 50.8 and below September's final reading of 52.4. New orders and employment rose at a softer pace while output went up marginally. In addition, export demand declined for the first time in over two years and the increase in backlogs of work was the weakest in eight months. On the price front, input prices continued to rise at a marked pace, albeit at the slowest rate since May, while output cost inflation increased to a one-year high. Finally, business sentiment dipped to a seven-month low.

2019-10-23
Australia Services Activity Growth Below Forecasts
The Commonwealth Bank Services PMI in Australia declined to 50.8 in October 2019 from 52.4 in the previous month and well below market forecasts of 52.2, preliminary data showed. New orders and employment rose at a softer pace while output went up marginally. On the price front, input prices continued to rise at a marked pace, albeit one that was the slowest since May, while output cost inflation increased to a one-year high. Finally, business sentiment dipped to a seven-month low.

2019-10-02
Australia Services Activity Growth at 3-Month High: Markit
The Commonwealth Bank Services PMI in Australia rose to 52.4 in September 2019 from 49.1 in the previous month, but slightly below a flash estimate and market expectations of 52.5, final estimates showed. The latest reading pointed to the strongest expansion in the services sector in three months, as new orders increased at the steepest pace since June, driven by marketing activities and low interest rates. Also, export orders advanced boosted by a weaker currency and service providers expanded their workforce numbers for the second straight month. On the price front, input cost inflation accelerated, mainly due to higher prices of energy, wage increases and drought-related disruptions while output charges rose at the softest pace in five months. Finally, sentiment improved about the outlook, as the Business Expectations Index went up to a 13-month high, amid improved economic conditions, an anticipated recovery in the housing market, promotional activities and new service offerings.


Australia Commonwealth Bank Services PMI
The Commonwealth Bank 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.

Australia Business Last Previous Highest Lowest Unit
Business Confidence 0.00 2.00 21.00 -30.00 points [+]
Services PMI 48.70 53.70 63.00 32.50 points [+]
Manufacturing PMI 48.30 48.10 62.50 29.47 points [+]
Industrial Production 1.90 1.30 12.60 -7.60 percent [+]
Industrial Production Mom 1.20 0.70 5.20 -7.10 percent [+]
Manufacturing Production -3.10 -1.70 8.60 -11.80 percent [+]
Capacity Utilization 81.07 81.68 84.62 78.24 percent [+]
New Orders 31.00 25.00 49.00 -37.00 points [+]
Changes in Inventories -941.00 -1366.00 4265.00 -3885.00 AUD Million [+]
Bankruptcies 748.00 741.00 1123.00 217.00 Companies [+]
Corporate Profits 97460.00 98235.00 98235.00 12032.00 AUD Million [+]
Total Vehicle Sales 84239.00 84708.00 130300.00 48099.00 [+]
Car Registrations 14330.43 14078.57 14330.43 3990.94 Thousand [+]
Leading Economic Index -0.09 -0.15 0.54 -1.11 percent [+]
Small Business Sentiment 1.21 0.84 18.55 -21.17 [+]
Internet Speed 11063.10 10098.33 11063.10 1922.87 KBps [+]
IP Addresses 9859878.00 9310525.00 13859005.00 5227461.00 IP [+]
Industrial Sentiment 49.20 49.90 57.20 49.20 points [+]
Private Investment -0.20 -0.60 15.70 -8.50 percent [+]
Mining Production 6.50 3.80 25.20 -16.90 percent [+]
Services Sentiment 49.80 49.70 58.40 48.70 points [+]
Steel Production 448.33 488.24 819.00 238.00 Thousand Tonnes [+]
Corruption Index 77.00 77.00 88.60 77.00 Points [+]
Corruption Rank 13.00 13.00 13.00 7.00 [+]
Competitiveness Index 78.75 78.85 78.85 5.08 Points [+]
Competitiveness Rank 16.00 14.00 22.00 14.00 [+]
Composite Pmi 49.60 49.70 58.30 49.10 points [+]
Business Inventories -0.40 -1.00 2.80 -2.80 percent [+]
Ease of Doing Business 14.00 18.00 18.00 9.00 [+]