The service industry in Australia has maintained its growing trajectory in April, although at a milder pace, according to the most recent report from Judo Bank. It shows that the services Purchasing Managers' Index (PMI) currently stands at 53.6.
While this figure implies a slight dip from March's PMI of 54.4, it's still well above the critical 50-mark threshold which acts as the dividing line between economic expansion and contraction.
A key factor in this consistent performance of the services sector is the increase in new business intakes observed in April. It recorded an increase for the third consecutive month, marking the quickest growth rate since May 2022. It's noteworthy that the transport and storage businesses observed the highest spike in new sales, according to the sub-sector data.
The report also sheds light on the export business which rebounded to growth after a slump in March. Despite being a marginal rise, it's only the second expansion seen in the last seven months. Nonetheless, it has positively contributed to the general uptick in new businesses.