S&P Global: Australia services down in Nov. ’24

The S&P Global Australia Services PMI Business Activity Index was 50.5 in November 2024, down from 51.0 in October, indicating a slight slowdown in the rate of growth in the Australian service sector.

Improved demand and successful business development efforts led to increased new business, driving the recent expansion in services activity. The growth rate of new business was moderate, supported mainly by domestic demand.

Export business stabilised after two months of slight decline. “Firms in the information & communication sector experienced the fastest rise in new work and activity according to detailed sector data,” S&P’s report added.

Employment increased as companies hired more staff to handle increasing workloads, leading to a decrease in unfinished work for the seventh consecutive month at a solid and fastest pace since July.

Attribution: S&P Global report

Subediting: M. S. Salama