(RTTNews) - The services sector in Australia continued to expand in August, albeit at a slower pace, the latest survey from S&P Global revealed on Monday with a services PMI score of 50.2.
That's down from 50.9 in July, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.
The overall health of Australia's service sector improved for a seventh consecutive month in August, but at a rate that was the slowest in the current positive sequence. A further softening in business activity growth was recorded in August as overall demand levels expanded only marginally.
Job creation continued for a twelfth consecutive month though at the slowest pace in seven months. At the same time, inflationary pressures eased from the record highs recorded earlier in the year.
The survey also showed that the composite index fell to 50.2 in August from 51.1 in July.
Despite signaling a seventh consecutive month of improvement in Australia's private sector economy, the rate of growth was the slowest in the current positive sequence and was only fractional. Firms who registered lower output levels frequently mentioned that recent interest rate hikes and current inflationary pressures were weighing on demand.
That said, composite demand continued to expand in August at a rate ever so slightly quicker than July.
