For the month of November, as companies reported weaker sales and less new orders, the service industry across Australia grew at a much slower pace compared to previous months, and fell after hitting a 19 month high. The data has been shared by the Commonwealth Bank of Australia and the Australian Industry Group.
As per the figures confirmed in Sydney today, the performance of the service index slipped by 2.3 points to 52.5, and although a figure of over 50 indicates a growth, it has been slower than before.
The slower growth is being attributed to the RBA's decision to raise interest rates for the third consecutive month by many experts.
"The services sector remains in the early stages of recovery. Still, slower increases in sales and new orders confirm a hesitant recovery from the bottom of the trough earlier this year", shared Australian Industry Group Chief Executive Heather Ridout.
The report, which has been compiled after a poll of over 200 Australian firms, measures sales, new orders, deliveries, inventories and employment. Main sectors taken under consideration include banks, real estate, insurance, transport and retailers, among others.
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