The Australian Industry Group (AiG) has this morning released it’s Performance of Services Index for January which showed a solid improvement of 3.2 points to 49.3.
While this is a solid improvement, the AiG says that a print below 50 “continues to indicate contraction” – a contraction that has now stretched to 24 months in a row.
AiG Chief Executive Innes Willox said, “While there is some volatility, the sector seems to be building slowly towards expansion with the help of lower interest rates and, for services businesses exposed to international trade, by the lower dollar.”
So there is some hope that Australia’s service sector can buck the negative trend it has been in for the past two years.
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