The Commonwealth Bank Services PMI for Australia declined to 48.4 in February 2020 from 50.6 in the previous month and missing market expectations of 52.4, a flash estimate showed. The latest reading pointed to the sharpest contraction the services sector on record, as new orders declined for the first time since March last year and employment and backlogs of work fell across the sector. On the price front, input cost inflation slowed to a ten-month low while output prices rose modestly. Australia Commonwealth Bank Services PMI - data, historical chart, and calendar of releases - was last updated on February of 2020 from its official source.

Services Sentiment in Australia averaged 53.17 points from 2016 until 2020, reaching an all time high of 58.40 points in March of 2017 and a record low of 48.40 points in February of 2020. This page provides - Australia Commonwealth Bank Services PMI- actual values, historical data, forecast, chart, statistics, economic calendar and news. source: Markit Economics

Services Sentiment in Australia is expected to be 50.60 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Services Sentiment in Australia to stand at 51.70 in 12 months time. In the long-term, the Australia Commonwealth Bank Services PMI is projected to trend around 52.50 points in 2021, according to our econometric models.


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Australia Commonwealth Bank Services PMI

Actual Previous Highest Lowest Dates Unit Frequency
48.40 50.60 58.40 48.40 2016 - 2020 points Monthly
SA


Calendar GMT Actual Previous Consensus TEForecast
2020-01-05 10:00 PM CommBank Services PMI Final Dec 49.8 49.7 49.5 49.5
2020-01-23 10:00 PM CommBank Services PMI Flash Jan 48.9 49.8 48.9 49.6
2020-02-04 10:00 PM CommBank Services PMI Final Jan 50.6 49.8 48.9 48.9
2020-02-20 10:00 PM CommBank Services PMI Flash Feb 48.4 50.6 52.4 51
2020-03-03 10:00 PM CommBank Services PMI Final Feb 50.6 48.4 48.4
2020-03-23 10:00 PM CommBank Services PMI Flash Mar 48.6
2020-04-02 10:00 PM CommBank Services PMI Final Mar 48.6
2020-04-22 11:00 PM CommBank Services PMI Flash Apr


News Stream
Australia Services Activity Shrinks at Record Pace
The Commonwealth Bank Services PMI for Australia declined to 48.4 in February 2020 from 50.6 in the previous month and missing market expectations of 52.4, a flash estimate showed. The latest reading pointed to the sharpest contraction the services sector on record, as new orders declined for the first time since March last year and employment and backlogs of work fell across the sector. On the price front, input cost inflation slowed to a ten-month low while output prices rose modestly.
2020-02-20
Australia Services Activity Returns to Expansion
The Commonwealth Bank Services PMI for Australia was revised higher to 50.6 in January of 2020 from a preliminary estimate of 48.9 and above 49.8 in December. The latest reading pointed to the strongest expansion in the services sector since September, as new orders growth accelerated to a seven-month high, foreign demand increased further. Outstanding business continued to rise and at the quickest rate in four months; and the job creation rate advanced to a five-month high. On the price front, inflationary pressures were solid, with output cost inflation quickened to a three-month high, driven by greater demand for services. Lastly, sentiment surged to the highest since September, mainly boosted by planned capital investments, business expansions, government infrastructure spending, higher sales forecasts and new marketing strategies.
2020-02-04
Australia Services PMI Lowest in a Year
The Commonwealth Bank Services PMI for Australia fell to 48.9 in January of 2020 from 49.5 in December, compared to market expectations of 49.5. The reading pointed to the worst contraction in the services sector since February of 2019, flash figures showed. Business activity decreased for the third month running while new orders increased at the fastest pace in seven months, helping to support a return to growth of employment. The rate of input cost inflation slowed to the weakest since last April, but output prices were raised at a sharper pace than in December.
2020-01-23
Australia Services Activity Falls in December
The Commonwealth Bank of Australia Services PMI came in at 49.8 in December 2019, little-changed from a preliminary estimate of 49.5 and November's final reading of 49.7. The latest reading pointed to a second straight month of decline in business activity due to drought-related disruptions and subdued sales growth. Employment dropped for the first time in five months amid reports of company restructuring and layoffs. Meanwhile, total new business intakes rose at the fastest rate for three months, supported by a recovery in export orders. On the price front, input costs continued to rise at a marked rate, but charges were up marginally. Finally, business sentiment remained positive, on expectations of an improved economic environment, new product launches, marketing strategies, planned business expansions and better weather conditions.
2020-01-06

Australia Commonwealth Bank Services PMI
The Commonwealth Bank Services PMI is based on data compiled from monthly replies to questionnaires sent to a representative panel of purchasing executives in over 400 private sector services firms in Australia. The panel is stratified by GDP and company workforce size. The services sector is divided into the following five broad categories: Transport & Storage, Consumer Services, Information & Communication, Finance & Insurance and Real Estate & Business Services. A reading above 50 indicates an expansion of the manufacturing sector compared to the previous month; below 50 represents a contraction; while 50 indicates no change.