Australian PSI reports a stronger month of recovery in February
The Australian Industry Group Australian Performance of Services Index (Australian PSI) rose 1.5 points in February to 55.8 – the highest monthly result since June 2018 – with the recovery following the Covid-19 recession of 2020 gaining in strength (results above 50 points indicate expansion, with the distance from 50 points indicating the strength of the increase).
Ai Group chief executive, Innes Willox, said, “The Australian services sector rebounded further from the 2020 recession in February with strong growth in sales driving expansion in the logistics, retail trade & hospitality, health & education and personal, recreation & other services sectors. In contrast, the business & property services sector slipped into contraction with weaknesses in the business-to-business segments of the sector. While the continued improvement in conditions is heartening, employment fell in February following a strong recovery in the preceding months. Employers and employees will be hoping that the further growth in new orders recorded in February signals the continued recovery of sales and employment over the next few months.”