The latest Commonwealth Bank of Australia (ASX:CBA) Services PMI® signaled a further significant decrease in business activity in the Australia as a result of the COVID-19 pandemic.
This decline was accompanied due to a severe drop in sales amid reports of temporary business shut down. Moreover, as a result job shedding increased and business sentiment stayed restrained.
A steep downfall is observed in the seasonally adjusted Business Activity Index which was reported 38.5 in March to 19.5 in April, indicating a decrease in activity unsurpassed in the four-year survey history.
There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.
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