The Australian Industry Group Australian Performance of Services Index increased to 31.6 in May 2020 from 27.1 in the previous month. The latest reading pointed to the sixth consecutive contraction in the services sector but recovered from sharpest on record, as the easing of some social isolation restrictions improved conditions. New orders gained 7 points to 30.1 and production increased 3.4 points to 28.2, while employment rose by 6.2 points to 35. Conditions deteriorated in each of the major areas of activity: services, construction and manufacturing. In contrast, stability was observed in food, grocery and medical manufacturing, wholesaling and retailing. On the price front, deflationary cost pressures persisted as local and global demand fell.
Services PMI in Australia averaged 49.94 points from 2003 until 2020, reaching an all time high of 63 points in June of 2018 and a record low of 27.10 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 Performance Services Index - data, historical chart, forecasts and calendar of releases - was last updated on July of 2020. source: Australian Industry Group
Services PMI in Australia is expected to be 30.00 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 47.00 in 12 months time. In the long-term, the Australia Performance Services Index is projected to trend around 50.50 points in 2021 and 53.00 points in 2022, according to our econometric models.