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Australia Services PMI Plummets In July - Markit

The services sector in Australia fell hard into contraction territory in July, the latest survey from Markit Economics revealed on Friday with a 14-month low services PMI score of 44.2.

That's down sharply from 56.8 in June and it moves well beneath the boom-or-bust line of 50 that separates expansion from contraction.

Various Australian states experienced increased movement restrictions in July, leading to the sharp contraction of both domestic and foreign demand for services. As a result, overall business activity plunged, although employment remained in growth albeit at a much lower rate compared to June.

The survey also showed that Australia's manufacturing PMI fell from 58.6 in June to 56.8 in July. New orders and output both expanded for the thirteenth month running, though the rates of growth eased significantly from June. Bucking the trend, however, was employment growth which accelerated to a survey record.

The composite PMI slumped to 45.2 from 56.7 in the previous month.

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