Australia's Supply of Services Grow for First Time in 15 Months

The level of services provided in Australia in May grew for the first time in 15 months as renewed risk-appetite came on the back of governmental cash handouts and stimulus. AiG’s performance of service index rose past the 50 mark, the break-even point indicating expansion, rising 10.3 points from the month prior. May’s Retail Sales may have been an indication that such a positive increase was due to occur. During the month, such sales rose an unexpected 1.0% or twice as much as economists had forecast.