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Free AccessMNI 5 Things:Record Capacity Utilization in Australia Services
By Sophia Rodrigues
SYDNEY (MNI) - Following are the five key observations we made from
Australian Industry Group's Performance of Services Index for April published
Thursday:
--The key theme from the services industry was the continued expansion in
capacity utilization which shows the businesses are running efficiently but may
need to invest further to grow. This could take the form of more hiring and more
capital investment. Capacity utilization rose 3.5 points to a record high 82.4%.
The Reserve Bank of Australia has been noting rise in investment and continued
employment growth, which is the main reason its monetary policy stance is
signalling the next interest rate move is likely to be up.
--Employment rose 3.7 points to 58.6 points to expand for 11 straight
months. Employment demand is stronger in business-driven sectors than
consumer-oriented sectors such as hospitality, retail and health and community
services.
--Overall though, expansion in the services industry moderated in April,
down 1.7 points to 55.2. The retail sub-sector rose slightly but continued to
remain in contraction. However partly offsetting this is continued expansion in
the wholesale sub-sector which has been taking over business from retail via
direct online sales to customers.
--Supplier deliveries fell 12.6 points to 48.7 but this followed a
historical high in March and indicates businesses brought forward deliveries
before the Easter holiday period.
--Input prices moderated slightly from the recent peak in February and
average wages rose a little. Selling prices fell 0.4 points to 51.5 but this was
the fourth straight month that respondents reported increasing their selling
prices following six months of stable or contracting prices. This would have
implication for inflation outlook.
--MNI Sydney Bureau; tel: +61 2-9716-5467; email: sophia.rodrigues@marketnews.com
[TOPICS: MALDS$,M$A$$$,M$L$$$,MT$$$$]
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.