The services sector in Australia continued to expand in March, and at a faster pace, the latest survey from Markit Economics revealed on Wednesday with a services PMI score of 55.5.

That’s up from 53.4 in February, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

Individually, there were further gains in activity and new business, as well as sustained expansion in employment levels.

Business confidence regarding the outlook for activity over the coming year remained at high levels. While the degree of optimism was the softest since August 2020, expectations for an expansion remained marked. Positive sentiment was underpinned by sustained improvements in business conditions as the pandemic receded.

The survey also showed that its composite index climbed to 55.5 in March as well – up from 53.7 a month earlier.

The material has been provided by InstaForex Company – www.instaforex.com

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