empty
 
 

2020.03.2404:17:00UTC+00Australia Private Sector Output Deteriorates Further

Australia's private sector output declined sharply in March, flash survey data from IHS Markit showed on Tuesday.

The Commonwealth Bank of Australia composite output index fell to 40.7 in March from 49.0 in February. A score below 50 indicates contraction in the sector.

The flash services Purchasing Managers' Index decreased to 39.8 from 49.0 in the previous month.

The manufacturing PMI fell marginally to 50.1 in March from 50.2 a month ago. Nonetheless, the score signaled a marginal growth.

The sharp deterioration during March was led by the increasing impact of the coronavirus on the Australian economy, CBA chief economist, Michael Blythe said.

The services sector contracted due to the cancellation of events, general fears about social interaction and a very sharp decline in offshore demand as travel restrictions bite, while the manufacturing sector is faring a little better, Blythe added.

"The deterioration in supplier delivery times is accelerating, highlighting the disruption to supply chains and the lower Aussie dollar is pushing input prices up at a rapid rate" Blythe added.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback