Pete Wargent blogspot

CEO AllenWargent Property Buyers, & WargentAdvisory (institutional). 6 x finance author.

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Thursday, 5 January 2017

Services sector fastest expansion in a decade

Following on from strong readings from the manufacturing gauge (55.4), Australia's massive services sector is expanding at the fastest pace in a decade with a huge reading of 57.7 in December.

Source: AIG

This was the best result since before the financial crisis in May 2007.

It's important because the services sector is by far the greatest employer in the country, accounting for nearly 80 per cent of employment by industry.  

It seems as though the very weak GDP growth report for the third quarter was a blip, with Australia having racked up fully 25 years without a technical recession in 2016.

It also looks like Australia is setting itself to take out the Netherlands' long-standing record of 103 consecutive quarters between recessionary drinks. 

Get the full lowdown from the Scutt missile here over at Business Insider.