The Australian Industry Group Australian Performance of Services Index (Australian PSI) improved by 2.7 points in March, moving back into modest expansion at 51.7 points (seasonally adjusted). Results above 50 points indicate expansion, with higher numbers indicating a stronger rate of expansion.

Three of the five activity sub-indexes in the Australian PSI indicated expansion in March (seasonally adjusted). Sales expanded in March (53.8). Employment grew solidly (55.0 points) and new orders improved to 52.3 points. Stocks continued to shrink in March (45.1 points) and supplier deliveries fell into contraction (46.3 points).

Five of the nine services sub-sectors in the Australian PSI® expanded in March (trend data). Property and business services continued to grow strongly (58.0) while finance and insurance (55.5) and wholesale trade (54.3 points) also experienced solid growth. Growth in retail trade was modest but steady (52.3 points) while personal and recreational services slowed in March, with its index falling 3.6 points to 51.3 points.