The service sector in Australia slid deeper into contraction in January, the latest survey from the Australian Industry Group showed on Friday with a Performance of Service Index score of 46.6.

That’s down from 48.7 in December, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.

Individually, production, employment and new orders were all well into contraction territory.

“The January result represents a deepening of the contraction recorded in December and reflects an underlying sluggishness in local business activity, exacerbated by a summer marred by widespread drought, bushfires and the initial impacts of the Coronavirus,” Ai Group Chief Executive Innes Willox said.

The material has been provided by InstaForex Company – www.instaforex.com