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The Judo Bank Australia Services PMI Business Activity Index shrank to 49.6 in November, from 51 in the previous month, signaling a contraction in services activity for the first time in ten months. This downturn was primarily attributed to a slowdown in new business growth, which had been solid at the beginning of the fourth quarter but weakened as the month progressed. The drop in new business expansion, along with a fall in export orders, contributed to the overall deceleration in services activity. While domestic demand provided some support, it wasn't enough to offset the declines in other areas. Additionally, backlogs of work continued to deplete, suggesting there was less pressure on business capacity. Despite these challenges, business confidence in the services sector showed some signs of improvement, with optimism rising to the highest level since August 2023, as firms hoped for stronger economic growth in the coming months.