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The services sector in Australia continued to contract in July, albeit at a slower rate, the latest survey from the Australian Industry Group revealed on Friday with a Performance of Service Index score of 44.0.
That's up sharply from 31.5 in June, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.
The Australian PSI continued to indicate contraction in three of the six services sectors in July. Retail trade and hospitality recovered mildly in July, with the first monthly result above 50 points since February.
Insufficient businesses were available to respond in two sectors in July. All activity indicators remained negative in July and all except inventories contracted at a slower pace. Business inventories contracted at a faster pace in July.
