(RTTNews) - The services sector in Australia continued to expand in July, albeit at a slower pace, the latest survey from Judo Bank revealed on Monday with a services PMI score of 50.4.
That's down from 51.2 in June, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.
Underpinning the latest slowdown in services activity growth was a renewed reduction in new business as underlying demand conditions softened. Although modest, the latest fall in new business was the first in six months and the fastest so far in 2024. Detailed sector data further revealed that new sales fell the quickest within the transport & storage sector.
A reduction in overseas client interest and subdued external conditions also led to export business contracting over the latest survey period. The pace of decline was solid, accelerating to the steepest in seven months in July.
