Australia Services Sector Slows In February

(RTTNews) - The services sector in Australia continued to expand in February, albeit at a slightly slower pace, the latest survey from Markit Economics showed on Wednesday with a services PMI score of 53.4.

That's down from 55.6 in January, although it remains well above the boom-or-bust line of 50 that separates expansion from contraction.

Individually, activity and new business saw sustained gains, while there was a series-record increase in employment. Business sentiment was at its strongest in more than two years.

stringent international border restrictions reduced export orders for the thirteenth month running. That said, the decline was the softest since last July.

The survey also showed that its composite index fell to 53.7 in February from 55.9 in January.