Employment and wages growth across Australia’s mammoth services sector went backwards in April, reflecting a continued decline in new work. That’s a major concern, not only because the services sector is the largest employer in the country but also because the RBA is banking on strong hiring to help lift economic growth, wages and inflation in the years ahead. The Australian Industry Group’s (Ai Group) Performance of Services Index (PSI) rose to 46.5 in April after seasonal adjustments, up 1.7 points on the level reported in March. PMIs measure changes in activity from one month to the next, in this case for ... (full story)