Australia Markit Services PMI2016-2021 Data | 2022-2023 Forecast | Calendar

The IHS Markit Australia Services PMI plunged to 44.2 in July from a revised 56.8 in the previous month, a preliminary estimate showed. The reading pointed to a contraction in the services sector after ten consecutive months of growth amid renewed restrictions as coronavirus cases resurged in some parts across the country. Demand conditions were affected by those mobility restrictions, with overall business activity plunging. On the price front, both input and output cost pressures eased.

The IHS Markit Australia Services PMI was at 56.8 in June 2021, compared with the preliminary figure of 56.0 and after a final 58.0 a month earlier, pointing to the tenth straight month of expansion. However, the latest reading was the lowest reading since March, affected by the lockdown in the state of Victoria that extended into June. New business grew for the tenth straight month but at a slower pace; while foreign demand expanded for the third month running, but likewise experienced slower growth. At the same time, outstanding business continued to rise, though at a slower rate as firms continued to ramp up their operating capacity. However, the pace at which hiring activity increased moderated, with some firms citing shortages of labor limiting their recruitment. Prices data showed input prices rose for the thirteenth month, on higher transport cost and wages. As a result, output charges inflation accelerating to a fresh survey record. Looking ahead, sentiment remained positive.

The IHS Markit Australia Services PMI decreased to a three-month low of 56 in June of 2021, down from 58 in the previous month, preliminary data showed. Business activity and employment growth momentum slowed with Australia’s Victoria state lockdown affecting business conditions. On the price front, input costs rose at a softer while output charge inflation reached new highs.

The IHS Markit Australia Services Index was revised lower to 58.0 in May of 2021 from a preliminary estimate of 58.2 and compared to April's 58.8. While output and business inflows increased at a softer pace compared to records seen in April, sustained rises in orders and activity encouraged firms to hire extra staff at a record pace. On the price front, rates of both input cost and output charge inflation reached new highs. Finally, business confidence remained high, with the degree of optimism easing only slightly from the prior month.