Australia Services Sector Accelerates In August - Judo Bank

(RTTNews) - The services sector in Australia continued to expand in August, and at a faster pace, the latest survey from Judo Bank revealed on Wednesday with a services PMI score of 52.5.

That's up from 50.4 in July and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

Central to the latest improvement in service sector conditions was the expansion in new business. Services new business increased at a solid pace in August after falling briefly in July. Export business also returned to growth after declining during June and July.

Anecdotal evidence suggested that a widening of customer bases and business development efforts underpinned the latest expansion in new business inflows. Sub-sector data revealed that firms in the information and communication sector experienced the sharpest intake in new sales.