AIG Performance of Services index for June, scheduled for 2330GMT, ForexLive has it early … at 47.6
- fell by 2.3 points in June, for the fourth consecutive contraction in services sector index
- deterioration evident across all the activity sub-indexes … all below 50 points this month
- sales, new orders, supplier deliveries and stocks sub-indexes moved below 50 points after indicating a mild expansion last month
Ai Group Chief Executive, Innes Willox:
- “Conditions in the services sector slipped again in June with respondents to the latest Australian PSI survey suggesting that ongoing weakness across much of the domestic economy and the public reception of the Federal Budget are dampening consumer and business confidence. With both the sales and new orders sub-indexes pointing to contraction, it appears likely that it will take several months at least to recapture the momentum that was building earlier in the year in the services sector.
- Several respondents indicated that the further deterioration in manufacturing conditions in recent months is reducing demand for business-to-business services such as accounting, IT and personnel services while poor results for the retail, wholesale and transport & storage sub-sectors pointed to further weakness in household spending”
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