Performance of Services Index - February 2020

February 2020 - OVERVIEW

Virus concerns disrupt services businesses

The Australian Industry Group Australian Performance of Services Index (Australian PSI®) fell by 0.4 points to 47.0 points in February 2020 (seasonally adjusted). This was the third month of decline for Australia’s services industries following a minor improvement in the second half of 2019. Results below 50 points indicate contraction in the Australian PSI® with lower numbers indicating a stronger pace of decline.

Respondents to the Australian PSI® said following the disruption to consumer demand and business conditions from bushfires and related smoke pollution, February was close to a return to business as usual but at a reduced level. The most frequently reported concern for businesses was the effect of a possible global pandemic of coronavirus COVID-19.

The Australian PSI® indicated expansion in two services sectors and contraction in four sectors in February (trend). Among the business-oriented sectors, only finance & insurance reported positive results. Throughout the consumer-oriented sectors, 'personal, recreational and other services' reported positive conditions.

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