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Australia Service PMI Tumbles In July - AiG

The service sector in Australia fell deeply into contraction in July, the latest survey from the Australian Industry Group revealed on Monday with a Performance of Service Index score of 43.9.

That's down sharply from 52.2 in June and it slides well below the boom-or-bust line of 50 that separates expansion from contraction.

Individually, sales, employment, new orders, supplier deliveries, finished stocks and selling prices all were firmly in contraction territory, while capacity utilization, input prices and average wages expanded.

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