Australia Services Index Inches Higher In October - S&P Global

(RTTNews) - The service sector in Australia continued to expand in October, and at a slightly faster rate, the latest survey from S&P Global revealed on Wednesday with a PMI score of 52.5.

That's up marginally from 52.4 in September, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

Higher new business supported the latest growth in services activity at the start of the fourth quarter. Panelists often attributed the latest rise in new sales to successful business development efforts and rising client enquiries. Despite being the lowest in four months, the rate of new business growth was solid.

External demand also improved with a third successive monthly expansion in overseas sales signaled. In response to rising new business and activity, Australian services firms raised their staffing levels again. The rate of jobs growth fell to an eight-month low, however.