Both drop into contraction
Services 49.0
- preliminary was 48.4,
prior 50.6
Composite also 49.0
- preliminary was 48.3
prior 50.2
Key points highlighted by CBA/Markit:
- PMI data indicated a decline in Australian services business activity during February amid bushfires and the coronavirus outbreak.
- Demand conditions worsened, with new orders falling at a survey-record rate.
- Weak sales contributed to a reduction of unfinished work which, in turn, weighed on hiring.
- Job shedding was reported.
- Confidence also slipped, while inflationary pressures eased over the month.
Pretty awful highlights:
