Australia Services PMI Improves To 52.7 In November - S&P Global

(RTTNews) - The services sector in Australia continued to expand in November, and at a faster pace, the latest survey from S&P Global revealed on Friday with a services PMI score of 52.7.

That's up from 52.5 and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

The survey also showed that the manufacturing PMI improved to 51.6 from 49.7 in October, while the composite index went up to 52.6 from 52.1 a month earlier.

Growth was driven by both a quicker rise in services activity and a renewed expansion in manufacturing output. Similarly for new orders, the rate at which incoming new business expanded accelerated in November due to faster service sector growth and the first rise in goods new orders in three months.

New product launches and successful business development efforts reportedly contributed to higher demand for Australian manufactured goods while services new business benefitted from an improvement in underlying demand conditions, according to panelists.