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’ IndexTM (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.