Australia Services PMI Plummets In January - AiG

(RTTNews) - The services sector in Australia fell sharply into contraction in January, the latest survey from the Australian Industry Group revealed on Tuesday with a seasonally adjusted PMI score of 44.3.

That's down significantly from 52.1 in December, and it falls well beneath the boom-or-bust line of 50 that separates expansion from contraction.

Individually, retail trade was the big culprit as sales, new orders and employment all plummeted. Input prices slowed but remained well in expansion territory.

Finance and insurance also contracted, as did wholesale trade and transport and storage. Business and property ticked slightly higher and continued to expand.