The Australian Industry Group Australian Performance of Services Index fell slightly dropping 0.3 points to 47.7 points in October 2022 indicating contraction for the second month. The PSI indicated contraction in the services sector in October, the second month of declining results. Results were mixed – business & property services showed the strongest month-on-month decline and logistics the largest improvement. Logistics was the only service sector in growth. Sales, deliveries and stocks all indicated substantial deterioration; new orders and employment were positive and improved from September. Services capacity utilization remained elevated, rising to 79.9%. This reflects tight employment conditions. Wet weather and flooding events, cumulative interest rate increases, and labor shortages were key concerns for businesses. source: Australian Industry Group
Services PMI in Australia averaged 50.10 points from 2003 until 2022, reaching an all time high of 63.00 points in June of 2018 and a record low of 27.10 points in April of 2020. This page provides the latest reported value for - Australia Performance Services Index - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Australia Performance Services Index - data, historical chart, forecasts and calendar of releases - was last updated on November of 2022.
Services PMI in Australia is expected to be 53.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Australia Performance Services Index is projected to trend around 51.00 points in 2023 and 53.00 points in 2024, according to our econometric models.