Australian (final) January Services PMI 51.2
- preliminary was 50.4
- prior 50.8
Final Composite is 51.1
- preliminary was 50.3
- prior 50.2
The report from S&P Global notes that Australia's service sector is steadily gaining momentum, achieving a full year of monthly growth in business activity by January.
- Both activity and new orders increased at a quicker pace, and business confidence continued to improve. This supported a return to employment growth, though some companies remain hesitant to hire, partly due to cost concerns.
- At the same time, inflationary pressures kept rising in January. Businesses are likely hoping these cost pressures will ease before they begin to negatively impact demand.
Earlier:
