The Judo Bank Australia Services PMI slid to 46.7 in August 2023 from 47.9 in July, reaching its lowest level since January 2022, a flash estimate showed. A renewed contraction in new business, attributed to the effects of higher interest rates and softening economic conditions, led to the latest reduction in services activity. As such, price pressures fell as input costs rose at a softer pace supporting lower selling price inflation. Both input cost and output price inflation were above their respective historic averages. Business confidence meanwhile rose among service providers to a seven-month high in the latest survey. Firms were optimistic for better sales, and this also supported a solid expansion of staffing levels among service providers in August. source: Markit Economics

Services PMI in Australia averaged 51.76 points from 2016 until 2023, 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 the latest reported value for - Australia Performance Services Index - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Australia Judo Bank Services PMI - data, historical chart, forecasts and calendar of releases - was last updated on August of 2023.

Services PMI in Australia is expected to be 46.50 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Australia Judo Bank Services PMI is projected to trend around 55.10 points in 2024 and 53.40 points in 2025, according to our econometric models.

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Australia Judo Bank Services PMI



Related Last Previous Unit Reference
Services PMI 46.70 47.90 points Aug 2023
Manufacturing PMI 49.40 49.60 points Aug 2023

Australia Judo Bank Services PMI
The Judo Bank Australia Services PMI is compiled by S&P Global from responses to questionnaires sent to a panel of around 400 service sector companies. The sectors covered include consumer (excluding retail), transport, information, communication, finance, insurance, real estate and business services. The headline figure is the Services Business Activity Index. This is a diffusion index calculated from a question that asks for changes in the volume of business activity compared with one month previously. The Services Business Activity Index is comparable to the Manufacturing Output Index. The index varies between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month, and below 50 an overall decrease.
Actual Previous Highest Lowest Dates Unit Frequency
46.70 47.90 58.80 19.50 2016 - 2023 points Monthly
SA

News Stream
Australian Services PMI Falls to 19-Month Low
The Judo Bank Australia Services PMI slid to 46.7 in August 2023 from 47.9 in July, reaching its lowest level since January 2022, a flash estimate showed. A renewed contraction in new business, attributed to the effects of higher interest rates and softening economic conditions, led to the latest reduction in services activity. As such, price pressures fell as input costs rose at a softer pace supporting lower selling price inflation. Both input cost and output price inflation were above their respective historic averages. Business confidence meanwhile rose among service providers to a seven-month high in the latest survey. Firms were optimistic for better sales, and this also supported a solid expansion of staffing levels among service providers in August.
2023-08-22
Australian Services PMI Contracts in July
The Judo Bank Australia Services PMI fell to 47.9 in July 2023 from 50.3 in June, contracting for the first time in four months and posting the weakest reading this year, a final reading showed. The latest reduction in services activity was principally attributed to the adverse impact of rising interest rates, which negatively affected spending and business confidence. Although firms continued to raise their staffing levels, this was conducted at a reduced rate over July as demand conditions softened. Despite slower new orders growth and reduced activity, price pressures worsened within the Australian service sector. Higher wages, energy and transport costs led to average input costs rising at the fastest pace since March. Lastly, overall sentiment within the Australian service sector remained positive at the start of the third quarter. That said, the level of business confidence deteriorated for a second successive month, hitting one of the lowest levels on record.
2023-08-02
Australian Services PMI Contracts in July
The Judo Bank Flash Australia Services PMI fell to 48 in July 2023 from 50.3 in June, contracting for the first time in four months and posting the weakest reading this year. Several respondents linked lower activity to the impact of increased interest rates, which negatively impacted client confidence and budgets. While services new orders continued to rise, the rate of expansion was only fractional amid a renewed fall in new business from abroad. Employment growth also slowed and was at a seven-month low. Meanwhile, rates of both input cost and output price inflation quickened, with companies overwhelmingly linking higher expenses to increases in staff pay.
2023-07-23