FX.co ★ Australian Services Momentum Cools as S&P Global PMI Eases to 52.8 in February

Australia’s services sector lost some momentum in February, with the S&P Global Services Purchasing Managers’ Index (PMI) easing to 52.8 from a prior reading of 56.3, according to data updated on 3 March 2026.

While the latest figure still sits above the 50-point threshold that separates expansion from contraction, the decline from the previous 56.3 suggests a slower pace of growth in services activity. Both readings refer to February 2026, indicating that the sector has shifted from a stronger phase of expansion to a more moderate one within the same reference period.

The softer PMI reading may signal that demand conditions in Australia’s services economy are becoming less buoyant, a development that investors and policymakers will watch closely for its implications on broader economic growth and future policy decisions.