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Financial News: Australia Service Sector Slides In February - AiG

Australia Service Sector Slides In February - AiG

03/05/2020 - 18:48:00 (RTTNews)

(RTTNews) - The service sector in Australia continued to contract in February, and at a faster rate, the latest survey from the Australian Industry Group revealed on Friday with a Performance of Service Index score of 47.0.

That's down from 47.4 in January, and it slipped further beneath the boom-or-bust line of 50 that separates expansion from contraction.

Respondents said following the disruption to consumer demand and business conditions from bushfires and related smoke pollution, February was close to a return to business as usual but at a reduced level. The most frequently reported concern for businesses was the effect of a possible global pandemic of coronavirus COVID-19.

The survey indicated expansion in two services sectors and contraction in four sectors in February. Among the business-oriented sectors, only finance & insurance reported positive results. Throughout the consumer-oriented sectors, 'personal, recreational and other services' reported positive conditions.

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