On September 3, 2024, Judo Bank released its latest figures for the Australia Services Purchasing Managers' Index (PMI), showing a modest increase from the previous month. The index climbed to 52.5, up from 52.2 in August 2024.
This slight uptick reflects a continued but cautious growth in the country's service sector. The PMI, which measures the prevailing direction of economic trends in the service sector, above the neutral 50.0 mark, signifies an expansion. Key areas contributing to this rise include moderate improvements in business activities and new orders.
While the growth is incremental, it suggests that the Australian service sector is maintaining resilience in a delicate economic climate. Stakeholders will be watching closely to see if this trend continues and whether it translates into broader economic stabilization.
