Australia Services PMI Improves To 51.2 - S&P Global

(RTTNews) - The services sector in Australia continued to expand in January, and at a faster pace, the latest survey from S&P Global revealed on Wednesday with a services PMI score of 51.2.

That's up from 50.8 in December, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

Anecdotal evidence suggested that improving customer demand was a key factor behind the latest rise in activity. Stronger demand conditions and an increase in customer numbers helped lead to a further expansion of new orders during January.

New business rose solidly, with the rate of growth at a three-month high. The latest increase extended the current sequence of expansion to six months. The rise in total new business was supported by a second successive monthly improvement in new export orders, with Mainland China mentioned as a source of growth. The rate of expansion was only modest, however.