Australian (final) January Services PMI 51.2 (prior 50.8)

Australian (final) January Services PMI 51.2

• preliminary was 50.4
• prior 50.8

Final Composite is 51.1

• preliminary was 50.3
• prior 50.2

The report from S&P Global notes that Australia’s service sector is steadily gaining momentum, achieving a full year of monthly growth in business activity by January.

• Both activity and new orders increased at a quicker pace, and business confidence continued to improve. This supported a return to employment growth, though some companies remain hesitant to hire, partly due to cost concerns.
• At the same time, inflationary pressures kept rising in January. Businesses are likely hoping these cost pressures will ease before they begin to negatively impact demand.

Earlier:

• The PMI for the manufacturing sector in January, final, was 50.2

This article was written by Eamonn Sheridan at www.forexlive.com.