Australia's services sector shows slight recovery

(MENAFN) A survey released by the Australian Industry Group (Ai Group) said the services sector in the country came closer to growth last month, but weak demand for goods and services reduced progress, Xinhuanet reported. The group's Australian Performance of Services Index (PSI) increased 0.8 points hitting 47.9 point in October; a figure above 50 indicates expansion, while a figure below 50 means contraction. "October saw further signs of the services sector clawing back towards growth," Ai Group Chief Executive said. "However, conditions remain fragile with slippage in both sales and new orders recorded after a promising recovery in September illustrating that weak consumer demand is holding back growth," he added.