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Financial News: Australia's Service Sector Contracts In December

Australia's Service Sector Contracts In December

01/09/2020 - 23:25:00 (RTTNews)

(RTTNews) - Australia's service sector contracted in December, data from Australian Industry Group showed Friday.

The Performance of Services Index fell 5.0 points to 48.7 points in December. A score below 50 indicates contraction in the sector.

This was the first decrease in services industries after four months of positive conditions.

Finance and insurance reported positive results, logistics was stable, while business and property services contracted.

Among the three consumer-oriented sectors, 'retail trade & hospitality' and 'personal, recreational and other services' reported positive conditions, while 'health, education and community services' contracted slightly in December, AiG said.

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