S&P Global: Aussie service sector slows in Sep. ’24

Australia’s service sector growth slowed at the end of the third quarter of 2024, as new business growth decreased and export business declined, as per the latest data released by S&P Global.

The Judo Bank Australia Services PMI Business Activity Index dropped to 50.5 in September 2024 from 52.5 in August, indicating a slight slowdown in services activity, the report added.

The expansion in services activity continued for the eighth consecutive month, driven by increased new business inflows. Consumer services firms saw the fastest growth in new business and activity. The rise in new orders was supported by expanding customer bases and successful business development efforts.

Attribution: S&P Global report

Subediting: M. S. Salama