Australia AiG Performance of Services dropped sharply to 43.9 in July, down from 52.2. The -8.3 pts fall is the largest monthly decline since July 2018. Reading below 50 signaled a return to contraction, as trading conditions for many businesses dived again.
Looking at some details, among the business-oriented sectors, only wholesale trade reported positive results. Among the consumer-oriented segments, the large ‘health, education & community services’ sector was strongest. The retail trade sector continued to perform very weakly.
