The S&P Global Australia Services PMI fell to 50.9 in July 2022 from a final reading of 52.6 in June, marking a sixth consecutive month of expansion in the Australian service sector, although at the slowest rate of growth in the current sequence. Both activity and new business grew at the softest rates in six months amid reports of interest rate hikes and inflationary pressures dampening overall demand conditions. Similarly, new export business growth eased to the slowest in five months. Workforce expansion continued into July despite continued mentions of staff shortages by some firms. Meanwhile, Australian service sector firms noted a rise in spare capacity, as indicated by a renewed decline in the level of outstanding work. Turning to prices, severe inflationary pressures remained as the rate of increase in prices charged surged to a survey peak. Overall business sentiment dipped to a 27-month low. source: Markit Economics
Services Sentiment in Australia averaged 52.16 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 August of 2022.
Services Sentiment 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 Markit Services PMI is projected to trend around 53.50 points in 2023, according to our econometric models.