Australia Services PMI Improves To 45.5 - Markit

(RTTNews) - The services sector in Australia continued to contract in September, albeit at a slower pace, the latest survey from Markit Economics showed on Tuesday with a services PMI score of 45.5.

That's up from 42.9 in August, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.

Overall price pressures remained steep for service providers while overall optimism softened from August. Demand likewise fell in September, affected by the COVID-19 lockdowns, although the rate of decline eased in line business activity. This included foreign demand which also posted a third straight month of contraction.

Also, the composite PMI improved to 46.5 from 43.3 in the previous month.