The Australian Industry Group Australian Performance of Services Index declined to 46.6 in January 2020 from 48.7 in the previous month. The latest reading pointed to the sharpest contraction in the services sector in six months, amid a widespread drought, bushfires and the coronavirus outbreak. Output declined further (-0.4 points to 46.7); and employment dropped into contraction territory for the first time since July (-3.5 points to 48.8). Meantime, new orders (+0.7 points to 47.5) and supplier deliveries (+1 point to 44.5) rose. On the price front, input price pressures moderated through late 2019 and are now below their long-run average while output prices were broadly stable. "The January result represents a deepening of the contraction recorded in December and reflects an underlying sluggishness in local business activity, exacerbated by a summer marred by widespread drought, bushfires and the initial impacts of the Coronavirus,” said Ai Group Chief Executive, Innes Willox.
Services PMI in Australia averaged 50.21 points from 2003 until 2020, reaching an all time high of 63 points in June of 2018 and a record low of 32.50 points in February of 2009. 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. source: Australian Industry Group
Services PMI in Australia is expected to be 48.60 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Services PMI in Australia to stand at 52.20 in 12 months time. In the long-term, the Australia Performance Services Index is projected to trend around 53.00 points in 2021, according to our econometric models.