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Financial News: Australian Service Sector Falls Deeper Into Contraction

Australian Service Sector Falls Deeper Into Contraction

02/06/2020 - 17:32:00 (RTTNews)

(RTTNews) - The service sector in Australia slid deeper into contraction in January, the latest survey from the Australian Industry Group showed on Friday with a Performance of Service Index score of 46.6.

That's down from 48.7 in December, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.

Individually, production, employment and new orders were all well into contraction territory.

"The January result represents a deepening of the contraction recorded in December and reflects an underlying sluggishness in local business activity, exacerbated by a summer marred by widespread drought, bushfires and the initial impacts of the Coronavirus," Ai Group Chief Executive Innes Willox said.

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