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Index of activity in Australia’s services sector surges to two-year maximum in March
In March, the service activity index, published by the Australian Industrial Group inched up to 56.9 versus February’s outcome of 54, which is the highest reading since December 2016.
The AiG group examines the results of a survey of 200 manufacturers in terms of assessing the business situation, including employment, production, orders, prices and stocks, as well as short-term planning. The value above 50 turns to be a positive factor for the Australian dollar.
The AiG report noted that sales, new orders, employment, not to mention wages have been drastically improved since February.
The Australian economy seems to feel good in the beginning of the year, and it’s proved by recent economic reports.
In February, retail sales headed north. As for employment surge, it keeps unrolling, while activity levels in the manufacturing sector of Australia are getting better too, albeit at a slower pace.
What’s more, the service sector of Australia that turns to be the largest in this country and, certainly the most important, is definitely gaining momentum.
In each of the last 13 months the level of activity has improved, thus demonstrating the longest expansion since the global financial downtime.
Adding to the positive summary headline, all five sub-indices of survey activity improved last month, including new orders that rallied to 59.0, suggesting that the momentum observed in March will continue in the nearer months.
Supplies increased by 8.3 points to 61.3, reaching a record level. The stock level also rose to the highest level since February 2008, which indicates that demand will strengthen in the coming period.
Sales, indicating the current demand, also improved to 55.0 and the third consecutive month sales were soaring faster than a month earlier.
Since current and expected demand is likely to remain strong, firms are also hiring employees at a faster pace. As a result, the employment index has increased to 54.9, which is one point higher than in February.
US retail sales will be out on Thursday, April 15, at 15:30 MT. It is a significant release for traders as it will impact the US dollar.
The Reserve Bank of New Zealand will hold a meeting on Wednesday, April 14, at 05:00 MT.
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