Wednesday, 3 April 2013

Economic Buzz: Australia Service Sector Picks Up In March

Australia's service sector picked up momentum in March, with a nongovernment performance gauge showing its highest reading in 14 months as sales and employment increased from February.
The Australian Performance of Services Index rose 1.1 point to 49.6 points in March, according to the Australian Industry Group and Commonwealth Bank, which together compile the measure. The gauge considers changes in employment, wages, inventories and sales across the services sector, which accounts for 70% of Australia's economy.
Employment levels and sales of services both rose in March for the first time since August 2011, the survey showed. Spending on discretionary items, including hotel accommodation, cafes and restaurants, was among the strongest, according to the survey, a sign consumer confidence is continuing to pick up.
Australia's central bank has lowered the nation's key interest rate six times since November 2011 to help offset weakness in the world economy, and to stoke other sectors as a mining boom that's powered Australian growth for close to a decade cools.
Source by Commodity Insigh

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