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Patchy start to Christmas trade for services sector

Business

The services sector is having a disappointing start to the Christmas season with activity patchy in retail, wholesale, communications and property.

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The Australian Industry Group’s Performance of Services Index (PSI) fell 0.7 points to 48.2 points in November, staying below 50, which separates expansion from contraction.

Ai Group chief executive Innes Willox said the fact that the services sector weakened for a second consecutive month was a sign the economy was becoming more fragile.

“Retailers will be hoping for a rush in the next few weeks to make up for the slow start to the Christmas trading period,” he said on Thursday.

AAP

 

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