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3 July | Other

Australia's services PMI rises to 51.8 in June

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Australia's services PMI rises to 51.8 in June

According to S&P Global, Australia's seasonally adjusted services PMI surged to 51.8 in June, up from 50.6 in May. The pace of expansion was the strongest since May 2024.

These figures were released ahead of the Reserve Bank of Australia's (RBA) meeting on July 7–8. Experts at S&P Global believe the central bank will probably cut rates for the third time this year in response to slowing consumer price growth.

S&P Global said that stronger demand in Australia’s services sector boosted business activity and job gains in June. This improvement offset weak performance in the country’s manufacturing sector.

Meanwhile, Australia’s exports declined due to worsening global trading conditions.

Anton Volkov MarketCheese

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