The service sector in Australia continued to contract in December and at an accelerated pace, the latest survey from the Australian Industry Group showed on Wednesday with a PMI score of 46.3.
That was down from 48.2 in November, and it moved further beneath the boom-or-bust line of 50 that separates expansion from contraction.
Among the individual sectors, the retail industries took it on the chin thanks to heavy discounting.
On the other hand, the health and hospitality sectors expanded, due in large part to a weaker Australian dollar that encouraged tourism.
The material has been provided by InstaForex Company – www.instaforex.com