Australian Economy Slumps in April as COVID-19 Measures Hit Service Economy

May 21, 2020 12:03 PM AEST | By Team Kalkine Media

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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.

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