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Financial News: Australia Construction Sector Sinks Deeper Into Contractio

Australia Construction Sector Sinks Deeper Into Contraction

01/07/2020 - 18:40:00 (RTTNews)

(RTTNews) - The construction sector in Australia continued to contract in December, and at a faster rate, the latest survey from the Australian Industry Group revealed on Wednesday with a six-and-a-half-year low PMI score of 38.9.

That's down from 40 in November and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.

Overall activity, new orders and supplier deliveries all grew substantially weaker to fuel the overall index decline.

"Australia's construction sector ended 2019 on a low note with activity, employment and new orders all falling in December. The performance of the engineering construction sector slumped further, declining at the most precipitous rate in more than a decade. Commercial construction and apartment building activity also ended the year heading lower," Ai Group Head of Policy Peter Burn said.

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