Economic Buzz: Australia Service Sector Slips Into Contraction In October

3 Nov 2022 , 10:37 AM

Australia services sector slipped into contraction territory in October, the latest survey from S&P Global showed on Thursday with services PMI score of 49.3. Thats down from 50.6 in September, and it falls beneath the boob-or-bust line of 50 that separates expansion from contraction. Total new business fell in October, underpinned by a decline in demand. Anecdotal evidence suggested that weaker market conditions and higher interest rates affected incoming new orders in October. The decline in new orders was also the quickest since September 2021. The survey also showed that Australias composite index fell to 49.8 in October from 50.9 in September.Powered by Commodity Insights