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Thursday, 3 September 2015

Services humming back to life (55.6)

Reports AIG, the largest sector of Australia's economy - the services sector - is now expanding at its fastest rate since the first quarter of 2008:

"Australian PSI®: Strongest expansion in services since 2008
The services sector expanded for a third consecutive month in August, and at its fastest pace since March 2008, with the Australian Industry Group Australian Performance of Services Index (Australian PSI®) increasing by 1.5 points to 55.6 (readings above 50 points indicate an expansion in activity, with the distance from 50 indicating the strength of the increase)."
Lovely to see.

Concluded AIG:

"This suggests that the economy has strengthened somewhat over the past couple of months and that we are gradually finding sources of growth to balance the further fall in mining-related investment. With new orders for businesses in the services sector recording solid gains, there are good reasons to expect a continuation of services sector expansion over coming months."

More meaninngful analysis from Scuttman over at Business Insider here.