Business turnover edged higher in January: ABS
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The news: Business turnover rose 0.2% in January, according to a new 13-industry aggregate indicator released by the Australian Bureau of Statistics (ABS).
The numbers: The new aggregate indicator showed that in trend terms, business turnover rose for the past six months to the highest level since the series began in 2010.
In seasonally adjusted terms, the 13-industry aggregate showed a 1% rise in business turnover, and eight of the 13 industries also rose in January.
Electricity, gas, water and waste had the largest seasonally adjusted rise of 5.8%, as warmer temperatures over summer contributed to higher electricity demand.
Transport, postal and warehousing had the second largest rise of 4.1%, mainly driven by the transport support services subdivision.
Arts and recreation services saw the largest percentage fall, down 2.2%, as lower turnover for sports and recreation activities offset a rise in gambling activities.
The context: ABS said that its new 13-industry indicator offers a timely read on high-level economic activity, while new subdivision indices allow a deeper dive into the turnover data — giving analysts better insights into what’s driving the turnover each month.
The source: ABS media release
