The S&P Global Australia Services PMI fell to 50.2 in August 2022 from 50.9 in July, marking the seventh consecutive month of expansion in the Australian service sector, although at the slowest rate of growth in the current 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. That said, the degree of confidence continued to weaken with overall business sentiment at the lowest level since the start of the COVID-19 pandemic. Laura Denman, Economist at S&P Global Market Intelligence, said: “August’s sluggish expansion in business activity was a sign that inflationary pressures and recent interest rate hikes were weighing on sales.” source: Markit Economics

Services Sentiment in Australia averaged 52.14 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 September of 2022.

Services Sentiment in Australia is expected to be 53.00 points by the end of this quarter, according to 王者荣耀电竞(江西)积分排榜 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.

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Australia Markit Services PMI



Related Last Previous Unit Reference
Industrial Sentiment 53.80 55.70 points Aug 2022
Services Sentiment 50.20 50.90 points Aug 2022
Composite PMI 50.20 51.10 points Aug 2022

Australia Markit Services PMI
The S&P Global Services PMI is based on data compiled from monthly replies to questionnaires sent to a representative panel of purchasing executives in over 400 private sector services firms in Australia. The panel is stratified by GDP and company workforce size. The services sector is divided into the following five broad categories: Transport & Storage, Consumer Services, Information & Communication, Finance & Insurance and Real Estate & Business Services. A reading above 50 indicates an expansion of the manufacturing sector compared to the previous month; below 50 represents a contraction; while 50 indicates no change.
Actual Previous Highest Lowest Dates Unit Frequency
50.20 50.90 58.80 19.50 2016 - 2022 points Monthly
SA

News Stream
Australia Services PMI Slips Further in August
The S&P Global Australia Services PMI fell to 50.2 in August 2022 from 50.9 in July, marking the seventh consecutive month of expansion in the Australian service sector, although at the slowest rate of growth in the current 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. That said, the degree of confidence continued to weaken with overall business sentiment at the lowest level since the start of the COVID-19 pandemic. Laura Denman, Economist at S&P Global Market Intelligence, said: “August’s sluggish expansion in business activity was a sign that inflationary pressures and recent interest rate hikes were weighing on sales.”
2022-09-04
Australia Services PMI Contracts in August
The S&P Global Flash Australia Services PMI fell to 49.6 in August 2022 from 50.9 in July, hitting the lowest level and contracting for the first time in seven months. Inflationary pressures and recent interest rate hikes reportedly contributed to the renewed decline in business activity. Panelists also linked deteriorating consumer confidence and uncertainty to the contraction. A seventh consecutive month of expansion in new business was recorded in August, although the upturn was only marginal and well below those seen earlier in the year. Notably, a solid expansion in staffing levels was registered in August, marking a year-long sequence of job creation. That said, the rate of growth was the slowest in seven months amid reports of staff shortages and resignations. In terms of prices, rates of inflation within the service sector remained severe but eased from the survey peaks recently recorded.
2022-08-23
Australia Services PMI Slows to 6-Month Low
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.
2022-08-02