Australia's service sector exhibited a slight uptick in growth, according to the latest figures released by Judo Bank. The Purchasing Managers' Index (PMI) for services in October 2024 recorded a modest increase to 50.6, compared to the previous reading of 50.5.
This index, which acts as a key barometer for the health of the service sector, indicates that despite the slow pace, there has been a continuation of expansion within the industry. A reading above 50 signifies growth, albeit tepid, while below 50 would have suggested contraction.
The update, which was confirmed on October 23, 2024, brings a cautious sense of optimism about the resilience of the service sector amidst prevailing economic uncertainties. While the gains are incremental, they underscore a sustained period of steady, albeit subdued, economic activity in Australia's service industry. Stakeholders and policymakers will likely interpret these figures as a signal of stability, though further improvements will be eagerly anticipated in the subsequent months.
