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
No comments:
Post a Comment