The services sector in Australia maintained its growth trajectory in January, accelerating at a more robust pace, according to the latest S&P Global survey published on Wednesday. The services Purchasing Managers' Index (PMI) registered at 51.2, rising from December's figure of 50.8 and surpassing the critical 50 threshold, which distinguishes expansion from contraction.
The survey highlighted that improved customer demand significantly contributed to the rise in activity. Enhanced demand conditions and an increase in customer numbers were instrumental in driving the continued expansion of new orders in January.
New business witnessed solid growth, with the growth rate reaching a three-month high. This latest increase extends the current growth sequence to six months. Contributing to this growth was the second consecutive monthly improvement in new export orders, with Mainland China cited as a notable source. Nonetheless, the pace of expansion was modest.
The material has been provided by InstaForex Company - www.instaforex.com
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