Australia's service sector contracted at a record pace in April as strict measures to contain the coronavirus disease outbreak impacted the activity, survey data from IHS Markit showed Tuesday.
The Commonwealth Bank of Australia Services Business Activity Index fell steeply to 19.5 in April from 38.5 in March.
A score below 50 indicates contraction. The reading indicated a decrease in activity unsurpassed in the four-year survey history.
At the same time, the composite output index plunged to 21.7 in April from 39.4 in March. The severe fall in services business activity led the overall downturn in Australia's private sector.
Manufacturing output also fell at a steep and record pace in April.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2156310/
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