Australia Services Sector Activity Slows In July - AIG

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Activity in Australia's service sector reversed course and declined in July, according to survey results posted Wednesday by the Australian Industry Group and Commonwealth Bank of Australia.

The group's Performance of Service Index (PSI) declined 61 points in July to a reading of 44.1. Readings below 50.0 indicate contraction of activity in the sector.

In June, the PSI rose into the positive with a reading of 50.2. AIG spokeswoman Heather Ridout said the result "underlines the fact that the path to recovery is not going to be smooth. It will be a long, hard slog."

The PSI's sub-index measuring sales fell 7.7 points in July to 47.5 while new orders declined 5.8 points or 45.7.

(Market News Provided by RTTNews)