Australia AiG Performance of Services Index dropped to 42.5 in August, down from 44.0. Looking at some details, employment plunged -7.9 pts to 39.4. But sales were steady, down -0.1 to 43.3. New orders also dropped -1.7 to 45.2. Average wages dropped -2.4 to 43.4.
All sectors remained in contraction in trend terms. AiG added, “the introduction of stage 4 restrictions in the greater Melbourne area following some optimism in July weighed heavily on business activity in Victoria and the impact was felt across other states. All indicators were firmly negative for August and employment decreased significantly from the previous month.”
