Business turnover in Australia increased by 1% in July, following two months of declines, according to fresh ABS data.
“Business turnover rose 1% in July in seasonally adjusted terms following falls in the previous two months,” said Robert Ewing (pictured above), head of business statistics at ABS.
The largest rise was seen in the transport, postal, and warehousing industry, which grew by 4%, rebounding from a 3.3% fall the previous month and marking an 8.2% annual increase.
Professional, scientific, and technical services saw a notable 3.9% rise, while construction grew by 2.3% and wholesale trade increased by 2%.
While most industries experienced growth, the retail trade and information media and telecommunications sectors both saw declines, each falling by 1.6%.
Despite this, overall business turnover remained positive for the month, with a 0.1% increase in trend terms and 1% in seasonally adjusted terms.
Compared to July 2023, business turnover rose in all but one of the 13 industries tracked, with mining seeing a 1.2% decline. The largest annual gains were in electricity, gas, water, and waste services (up 16.8%) and professional, scientific, and technical services (up 8.4%), ABS reported.
For more details, read the ABS’ media release and monthly business turnover indicator, July 2024.
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