The services sector in Australia continues to expand in May, and at a slightly faster pace, the latest survey from the Australian Industry Group revealed on Monday with a seasonally adjusted Performance of Services Index score of 61.2.
That’s up from 61.0 in April, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
This was the highest monthly result in the Australian PSI? since October 2003.
Four of the five activity indicators – sales, new orders, employment and deliveries – showed positive results in the month.