EUR/USD getting smashed again (and that’s not all) … but this out from Australia …
Australia AiG Services PMI for December, 47.5
- prior was 43.8
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A ringing endorsement of the Australian service sector performance from the Australian Industry Group in comments about the Performance of Services Index (Australian PSI):
- After two months of very weak performance, conditions in the services industries deteriorated at a slower pace in December
Yeah … awesome, that.
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- Tenth consecutive month of contraction since the services sector’s last expansion in February 2014
- All activity sub-indexes remained below 50 points for a third consecutive month
- Continued weak conditions suggesting a fragile outlook for the summer trading period
- Only one of the nine services sub-sectors showed expansion: the very large health & community services sub-sector (up 3.2 points to 55.5). ( … Excellent, please keep getting sick)
Ai Group Chief Executive, Innes Willox:
- “Respondents to the Australian PSI expressed continuing concerns about consumer spending due to weak local economic conditions, fragile consumer and business confidence and slower growth in household disposable income
- In addition, the ongoing decline in mining construction activity and flat manufacturing investment continue to weigh down demand for business-to-business services including accounting, legal, personnel and administrative services
- The recent fall in the Australian dollar is very welcome but it seems it is still too soon to see any significant benefits for local activity
- The services industries will be hoping for stronger local spending in 2015 from both consumers and other businesses, fuelled in part by the lower dollar
