Services Sector PMI Collapses During April, Moderate Fall Recorded in Manufacturing

April 23, 2020 12:47 PM AEST
Team Kalkine

As per information provided by Commonwealth Bank Of Australia (ASX:CBA), the impact of the COVID-19 pandemic on the Australian economy deepened in April, with business activity down at a much faster speed than recorded in March.

The latest Commonwealth Bank Flash Composite Purchasing Managers’ Index^TM (PMI®) pointed to a much stronger contraction of the Australian private sector during April, with the drop especially severe at service providers.

The COVID-19 also led new orders to fall at a steep pace, with employment scaled back markedly as a result.

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