The IHS Markit Australia Services PMI increased to 52 in October of 2021 from 45.5 in September, a flash estimate showed. The reading indicated a return to expansion following three months of contraction, helped by the further easing of restrictions in Australia. New business saw growth for the first time since June, although foreign demand remained subdued amid the persistent closure of international borders. Hiring activity was seen in the service sector for a second straight month, just as backlogged work started to build again after three months of decline. However, cost pressures persisted as service sector firms experienced a surge in input cost pressures while output charges continued to increase at a rate comparable to September. Finally, business confidence improved to the highest level since February with firms cheering the easing of lockdown restrictions and the ensuing improvement to consumer confidence and demand. source: Markit Economics
Services Sentiment in Australia averaged 51.95 points from 2016 until 2021, reaching an all time high of 58.80 points in April of 2021 and a record low of 19.50 points in April of 2020. This page provides - Australia Commonwealth Bank Services PMI- actual values, historical data, forecast, chart, statistics, economic calendar and news. Australia Markit Services PMI - data, historical chart, forecasts and calendar of releases - was last updated on October of 2021.
Services Sentiment in Australia is expected to be 50.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Australia Markit Services PMI is projected to trend around 53.50 points in 2022, according to our econometric models.