The service sector in Australia expanded for the fourth consecutive month in September, marking its longest period of continuous growth since March 2008, the latest survey from the Australian Industry Group said on Monday.
The AiG Australian Performance of Services Index, or PSI, fell by 3.4 points to 52.3 in September from 55.7 in August. However, any reading above 50 indicates expansion in the sector.
New orders and services sales each expanded for a fourth month, but at a slower pace. At the same time, stock levels were stable during September.
“The continued expansion of the services sector in September was marked by growth in six of the nine services sub-sectors,” Ai Group Chief Executive, Innes Willox, said.
“This broadening of the sources of domestic growth is an encouraging sign of an economy responding favourably to the stimulus of low interest rates and the further fall in the Australian dollar.”
The material has been provided by InstaForex Company – www.instaforex.com