The service sector in Australia continued to contract in March, and at a much faster rate, the latest survey from the Australian Industry Group revealed on Tuesday with a Performance of Service Index score of 38.7.
That’s down from 47.0 in February and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.
The services sector is now entering a difficult period of pandemic-related closures and adjustments from a base already weakened by summer’s bushfire crisis and by longer-term factors.
The index indicated stable conditions in finance & insurance but contractions in the five other sectors in March.
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