India, Nov. 3 -- The services sector in Australia fell into contraction territory in October, the latest survey from S&P Global revealed on Wednesday with a services PMI score of 48.5.
That's down from 51.9 in September, and it slips beneath the boom-or-bust line of 50 that separates expansion from contraction.
The rate at which new business grew was the slowest in the current four-month expansion sequence and only modest. Higher interest rates and a lack of market confidence reportedly dampened demand growth in October.
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