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.