News & Analysis » Asia
Australia Services Sector Remain In Contraction
September 3, 2010, Friday, 08:24 GMT | 03:24 EST | 12:54 IST | 15:24 SGT
(RTTNews) - Australia's services sector remained in a state of contraction in August, although the rate of contraction slowed according to survey results released Friday by the Australian Industry Group and Commonwealth Bank of Australia.
The Performance of Services Index compiled by AIG/Commonwealth rose by 0.9 points in August to 47.5.
Readings under 50.0 indicate contraction of activity in the surveyed sector.
The survey showed activity in the accommodation/ caf?©s/restaurants sector was flat in August while retail trade contracted.
Activity expanded in communications services.
Sales of services increased across the sector, adding 7.4 points to a reading of 51.8.
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